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Apple in the United States announced on April 17 that it has begun providing deposit services with an annualized interest rate of 4.15% to the company’s credit card users. Savings accounts are provided and managed by Goldman Sachs in the United States. Its interest rates are significantly higher than those of other banks, and interest rate competition is likely to become more intense.
The feature allows Apple Card users to open Goldman Sachs' high-yield Savings Account in the iPhone Wallet app and start earning interest on their Daily Cash balance. Users can also earn interest on personal funds deposited into a savings account through a linked bank account or from their Apple Cash balance.
What is noteworthy is that the deposit interest rate of 4.15% is 10 times higher than the U.S. national average savings account level of just over 0.3%. "Rates are subject to change at any time," Apple said. After Silicon Valley Bank went bankrupt in March due to rapid outflows of deposits, U.S. banks have raised interest rates to ensure deposits.