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Apple’s savings account exceeds $10 billion in deposits

Apple’s joint venture with Goldman Sachs has achieved a momentous feat, with its high-yield savings account exceeding $10 billion in customer deposits. Launched in April, this single deposit account allows Apple Card users to enjoy a competitive annual percentage return of 4.15% on their savings.

US financial institutions have been forced to improve customer deposit rates to retain customers amid growing competition from other high-yield alternatives. The banking industry faced a crisis of confidence earlier this year, prompting customers to seek more financially secure options.

In line with its expansion into the financial technology space, Apple introduced its buy-now-pay-later (BNPL) service in the United States in March. This offer gives consumers greater purchasing flexibility.

The growing success of Apple’s high-yield savings account reflects the growing appeal of attractive financial solutions, especially as digital banking gains traction. With Apple’s foray into financial services, it aims to leave a lasting impact on the industry through innovative services and strategic partnerships.

This article is sourced from and written by AI.

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