Apple’s new high-yield Savings account draws nearly $1 billion in deposits in first four days appeared first on MacDailyNews. Apple’s new high-yield Savings account draws nearly $1 billion in deposits in first four days appeared first on MacDailyNews. Apple’s new high-yield Savings account draws nearly $1 billion in deposits in first four days appeared first on MacDailyNews. Apple’s new high-yield Savings account draws nearly $1 billion in deposits in first four days appeared first on MacDailyNews.
Apple’s newly launched high yield Savings account brought in some $990 million in deposits over its first four days, Forbes reports citing “two sources familiar with the matter.” Emily Mason

Apple’s newly launched high yield Savings account brought in some $990 million in deposits over its first four days, Forbes reports citing “two sources familiar with the matter.”

Apple logo

Emily Mason for Forbes:

On launch day alone, the savings account drew nearly $400 million deposits.

The account’s eye-catching 4.15% annual return, plus the ubiquity of iPhones, is likely the main driver for account openings, especially when the average bank is paying less than half a percent. By the end of launch week, roughly 240,000 accounts had been opened, one source adds.

“Banks have quickly responded to the Fed’s interest rate hikes with higher mortgage and car loan rates, but savers have seen little to no increase in traditional bank deposits or savings accounts,” Richard Crone, CEO and founder of payments firm Crone Consulting, says. “There’s an outflow to CDs, money market funds, and fintechs like Apple.”

Many traditional regional banks are struggling to maintain net interest margins in the wake of the Fed’s massive interest rate hikes and as a result few have matched Apple’s 4.15% on FDIC insured savings account rate

MacDailyNews Take:
Boom!

Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.

The post Apple’s new high-yield Savings account draws nearly $1 billion in deposits in first four days appeared first on MacDailyNews.

original link


You may also be interested in this

The best AirPods deals th…

Macworld Apple’s AirPods wireless headphones offer an iconic look, exceptional convenience, and strong audio quality. They come with a premium price tag, however, so it’s important to shop around for

Apple’s iOS 17 release wi…

The release of iOS 17 will cause unsupported iPhone X and iPhone 8 lose up to 50% of their value, according to SellCell. Apple’s seminal iPhone X Steven Knight for

Hype builds for Apple’s A…

Macworld In just three weeks, Tim Cook will kick off one of the most anticipated WWDC keynotes ever, with the expected arrival of Apple’s first AR headset leading a flurry

iOS 17 feature roundup: S…

The WWDC keynote was jam-packed with news and didn't even include everything coming to iOS 17. Here are all of the features we've found so far.iOS 17 has a lot

Apple Releases Second Pub…

Apple today seeded the second betas of upcoming iOS 16.6 and iPadOS 16.6 updates to public beta testers, allowing non-developers to test out the software head of its official launch.

WWDC deals: $100 off Appl…

Today's most valuable deals include 31% off a 50" Amazon Fire Smart TV, $100 off a M2 Mac mini & AppleCare+ kit, 73% off an Aduro PowerUp Smart 6-port USB

Ex-Apple staff are behind…

Many Apple alums have gone on to found startups in climate, health, and other areas, and they attribute their acquired skills and knowledge to their time spent at Apple.Many former

The PC market had a rough…

The PC market has its ups and downs, just like any other, but the first quarter of 2023 was a particularly bad one. But at least one market tracker sees
X

A whimsical homage to the days in black and white, celebrating the magic of Mac OS. Dress up your blog with retro, chunky-grade pixellated graphics to evoke some serious computer nostalgia. Supports a custom menu, custom header image, custom background, two footer widget areas, and a full-width page template. I updated Stuart Brown's 2011 masterpiece to meet the needs of the times, made it responsive , got dark mode, custom search widget and more.You can download it from tigaman.com, where you can also find more useful code snippets and plugins to get even more out of wordpress.