Apple and Goldman Sachs jointly launched a new savings account on Monday.
U.S.
banks face growing pressure from new competitors like Apple to offer
their depositors better savings rates as interest rates rise.
- Apple and Goldman first announced plans to release the joint financial product in October.
- The savings account offers interest of 4.15% per year, well above the 0.37%.average for U.S. savings accounts.
- The offering is available to users of Apple's credit card product, which it also provides in partnership with Goldman.
- Customers will be able to deposit a maximum of $250,000 in the savings account.
- The deposits will be held by Goldman, making them eligible for FDIC insurance.
- Apple is working to develop in-house financial services for its customers in a bid to decrease its reliance on banking partners.
- Charles Schwab, State Street, and M&T lost $60B
in combined bank deposits in the first quarter of 2023 as customers
seek higher returns from financial services like those offered by Apple.
