Apple is giving banks a run for their money
Apple\n \n and Goldman Sachs\n \n launched a new high-yield savings account on Monday that offers a 4.15% interest rate, more than 10 times higher than the US national average. The move is one of many that Apple has made in recent months to increase its financial services footprint — adding some lofty competition for customers in the already-crowded banking sector. The interest payout on Apple’s savings account is about 415 times more than the 0.
” A suite of financial services: The news comes two weeks after Apple announced it would enter the increasingly popular “buy now, pay later” industry. Apple Pay Later allows customers to pay for their purchases in four installments over six weeks. The program also allows users to manage their payments through Apple Wallet, and they can use the app to apply for loans between $50 and $1,000 which they can use for in-app and online purchases at stores that accept Apple Pay.
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