Apple and Goldman Sachs are launching a high-yield savings account for US savers
Apple Inc is seeking to lure U.S. savers with a new high-yield savings account it announced on Monday with partner Goldman Sachs Group Inc amid increased competition among financial institutions for consumer dollars.
Apple said its Apple Card users can earn 4.15 percent in savings accounts, or 10 times the national average, citing March data from the Federal Deposit Insurance Corporation that showed consumers earned an average of 0.37 percent on savings in bank accounts.
Regional and small banks compete with deposit-based promotions, including higher interest rates and cash bonuses for opening new accounts.
The moves come after jittery consumers shifted billions of dollars to the banking giants from smaller lenders in March following the failure of Silicon Valley Bank and Signature Bank.
Apple’s rate is higher than Goldman’s 3.9 percent offer for an online savings account at its digital consumer bank, Marcus.
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