Apple's High-Yield Savings Account Reaches $10 Billion in Deposits
Apple's high-yield savings account, which was launched in April, has reached over $10 billion in customer deposits. The account offers an annual percentage yield of 4.15%, which is higher than the rates offered by many other banks. This is a sign of the growing popularity of Apple's financial services offerings, which also include the Apple Card and the "buy now, pay later" (BNPL) service.
The growth of Apple's financial services business is part of a broader trend of tech companies offering financial products and services. This is driven by the growing demand for convenient and user-friendly financial products, as well as the increasing sophistication of tech companies' financial technology capabilities.
It will be interesting to see how Apple's financial services business continues to grow in the future. The company has a strong track record of innovation, and it is well-positioned to take advantage of the growing demand for financial services from consumers.