Apple introduced a savings account with 4,15% annual income: it can be issued through Wallet - ForumDaily
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Apple introduced a savings account with 4,15% annual income: it can be issued through Wallet

Apple has unveiled a long-promised high-yield savings account with Goldman Sachs Group Inc. aiming to appeal to US financial customers with an attractive rate and the simplicity of their Wallet app. Read more about the innovation told the publication Bloomberg.

Photo: IStock

The new offering will allow Apple Card users to earn an annual return of 4,15%, more than 10 times the national average, the company said in a statement. The account has no fees, no minimum deposit or balance and can be set up in the Wallet app.

The move pushes the tech company to scramble for savers, which could increase pressure on other financial firms. Small and medium-sized banks in particular have faced withdrawals this year, with depositors seeking higher returns elsewhere or moving their money to safe havens such as JPMorgan Chase & Co. following the collapse of Silicon Valley Bank.

CEO of BlackRock Inc. Larry Fink believes that against the backdrop of this pressure, cash will continue to flow from traditional bank accounts.

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“More and more deposits are leaving and they are being converted into any form of cash,” he said.

Apple announced this product in October 2022 as part of a series of new financial offerings. The idea is to capture more revenue from services that have already grown in recent years and provide another way to tie consumers to Apple's platform.

However, penetration into the financial industry has not always been smooth sailing. The buy now, pay later service was launched with a long delay. And the savings account itself appeared about six months after the announcement. The Apple Card program is only available in the US.

The maximum account balance is $250.

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"Our goal is to create tools to help users lead healthier financial lives," said Jennifer Bailey, vice president of Apple Pay and Apple Wallet.

The company generated almost 20% of its services revenue last year, up from about 8% a decade earlier, and more offerings are coming soon. An iPhone subscription program is in development, as is an enhanced version of the Pay Later program called Apple Pay Monthly Installments, which is capable of processing larger transactions over longer periods - while charging interest.

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