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.
Latest Apple News is loading

Apple’s new high-yield Savings account d…

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


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.