Yesterday, Goldman Sachs and Apple announced a new savings account for Apple Card users.
- The accounts will offer a 4.15% APY with no fees, minimum deposits or minimum balance requirements.
- A 4.15% interest rate is more than 10 times higher than the US national average.
The biggest banks in the United States have refused to shift their savings rates higher, even as the Federal Reserve has lifted its benchmark rate to between 4.75 and 5% to combat sticky inflation.
- The competitive rates could drive people to pull their money out of traditional banks and into Apple’s new savings account potentially triggering a bank run.