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.”
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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