Apple announced on Wednesday that client contributions into its high-yield savings account with Goldman Sachs have surpassed $10 billion.
Users of Apple Cards can receive an annual percentage rate of 4.15% on savings accounts with the deposit account, which was introduced in April.
In particular, when an industry crisis earlier this year damaged customers’ faith in the financial stability of banks, U.S. lenders had to provide higher rates on customer deposits to deter clients from shifting their money to other high-yield alternatives.
In order to increase its presence in the financial technology market, Apple also introduced its “buy now, pay later” (BNPL) service in the United States in March.
