It’s strange to see the shift Apple has made in the last 20-30 years. From a struggling computer company to a technology business with a nearly rabid customer base, and now? Apple has expanded its financial services offerings with high-interest savings accounts for Apple Card users in conjunction with Goldman Sachs.
These days, most savings accounts don’t generate much in the way of interest, despite recent rate increases for loans. Bankrate reports that as of April 26, the average interest rate on a savings account was just .24 percent per year (APY), although you can find accounts offering interest in excess of 4 percent. This includes Apple’s new savings account, which offers interest of up to 4.15 percent — more than 10 times the national average.
The higher interest rates will likely prove attractive for many Apple Card users, even though Apple doesn’t have a banking license and depends on traditional banks like Goldman Sachs. Still, Apple’s massive user base offers attractive monetization potential, which may be especially important for the tech company as sales of laptops, phones, and other devices stagnate.
A report from Assurant found that the average age of turned-in phones exceeded 3.5 years for the first time in 2022.