Not Just iPhone And MacBooks, Apple Wants To Be Your Bank Too

Apple and Goldman Sachs aim to attract US depositors to a new savings account that promises more than 10 times the national interest rate in the United States.

The tech firm and bank revealed a 4.15 per cent savings account on Monday (17 April), which was initially announced in October.

Data from the Federal Deposit Insurance Corporation shows that the average US savings account rate is 0.37 per cent — much lower than the 4 per cent rate offered by a particular company.

Amid pressure from depositors who are transferring cash to higher-yielding products like money market funds, regional and smaller banks are launching initiatives to offer better savings rates, to keep their customers' savings with them.

US commercial banks have lost $800 billion in customer deposits since March last year due to the increase in rates by the Fed, as banks charged more for loans while keeping deposit rates low.

Apple, in partnership with Goldman, is extending a new savings account to its credit card users, sans fees and minimum deposit limits, holding up to $250,000. Deposits will be under Goldman's care, enabled by its banking license and the FDIC insurance.