Apple’s Savings Account Soar: Vaults Over $10B in Deposits

Apple's Savings Account Surpasses US$10 Billion in Deposits

Apple's partner Goldman Sachs' high-yield savings account has surpassed US$10 billion in client deposits, the technology giant announced on Wednesday.

Apple Card customers may receive an annual percentage rate of 4.15% on savings accounts with the deposit account, which was established in April.

Customers' trust in the financial soundness of banks has been shaken by an industry crisis earlier this year, prompting lenders in the United States to offer higher rates on customer deposits to keep them from shifting their cash to other high-yielding options.

Customers' trust in the financial soundness of banks has been shaken by an industry crisis earlier this year, prompting lenders in the United States to offer higher rates on customer deposits to keep them from shifting their cash to other high-yielding options.

To increase its presence in the financial technology market, Apple also introduced its "buy now, pay later" called BNPL service in the US in March.