- The announcement comes as customers continued to move their money in search of higher returns.
- One driving factor is Apple’s new savings account which offers 4.15 APY.
The deposit flight has been turbocharged by the collapse last month of Silicon Valley Bank and two other US lenders.
- The rate at which outflows are taking place is happening at a pace not seen since the 2008 financial crisis.
- US savers have been yanking cash out of low-yielding bank accounts and ploughing it into alternative products.