Apple’s new high-yield Savings account is quickly attracting users appeared first on MacDailyNews. Apple’s new high-yield Savings account is quickly attracting users appeared first on MacDailyNews. Apple’s new high-yield Savings account is quickly attracting users appeared first on MacDailyNews. Apple’s new high-yield Savings account is quickly attracting users 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 this week citing “two sources familiar with the matter.”

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

Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet.
Apple Card users can easily set up and manage Savings directly in their Apple Card in Wallet.

Matt Richardson for CBS News:

In April, tech giant Apple announced the opening of a new savings account for users. The features – and interest rate – were instantly appealing. The account has a 4.15% annual percentage yield (APY) and no fees. It doesn’t have any minimum deposit or balance requirements, either, making it a smart place to protect and grow your savings.

It’s easy to understand why it’s been a big hit. In today’s inflationary environment with high interest rates and prohibitive costs, many Americans are looking for any edge they can get. Savings accounts – particularly high-yield savings accounts – are a smart and reliable resource.

Interest rates on traditional savings accounts are currently around 0.39%, according to the FDIC. By leaving your money in these accounts at that rate, you’re essentially losing money. Meanwhile, interest rates on high-yield savings accounts are near the 4.15% Apple is offering…

Let’s say you have $5,000 to deposit. If you put it in a regular account, you’ll have $5,019.50 after one year. But if you move into a high-yield account using the Apple APY as an example, you’ll have $5,207.50 after that same year. And that’s at the 4.15% rate.

MacDailyNews Take: It quickly attracted us, that’s for sure!

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