Apple launched high yield saving account

Apple just launched its high yield saving account on April 17. What a great timing! Right during the banking crisis when people moving their savings out of regional banks to bigger banks. It was reported that massive of amount of funds poured into this new Apple saving account. The amount of deposits the Apple savings accounts saw in the four days after they became available reached up to $990 million, Forbes reported on May 1st.

This bank account is provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC – Federal Deposit Insurance Corporation.  We probably heard about FDIC mentioned in the news quite frequently these days because of the recent bank runs. Naturally, that is the first question people ask.

Annual Percentage Yield (APY) is 4.15 percent as of 4/14/2023. It is competitive. There are no fees, no minimum deposits, and no minimum balance requirements.  Users can set up and manage their Savings account directly from Apple Card in Wallet. If I use Apple Card, I would sign up for one. 😊

Fortunately, the banks in Canada are relatively stable.  Perhaps we have better regulations here.

Published by Worthfy

Financial literacy and counselling

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