The move thrusts the tech company’s clout into a broader fight for depositors, potentially adding to the pressure on other financial firms that are trying to protect their funding. Small and mid-size banks, in particular, have been facing withdrawals this year, as savers chase higher returns elsewhere or move their money to safe havens, such as JPMorgan Chase & Co., in the wake of Silicon Valley Bank’s collapse last month.
Apple has introduced a long-promised high-yield savings account with Goldman Sachs Group, looking to attract US financial clients with an attractive rate and the ease of its Wallet app.
The new offering will let Apple Card users earn a 4.15% annual yield, more than 10 times the national average, the tech company said in a statement on its website on April 17. The account has no fees, minimum deposit or balance requirements and can be set up from within the Wallet app.
