from Hacker News

Apple launches savings account with 4.15% interest rate

by ab_testing on 4/17/23, 2:10 PM with 10 comments

• by SilverBirch on 4/17/23, 4:50 PM

  It makes sense that you would start to exploit more of the advantages you have (you have a massive user base, you've got payments), but Apple launching a white-label goldman sachs savings account is just about as unsexy as you can get. I hoep this doesn't distract from the core business in the long term. By that I mean, this could make a lot of money, and if it does make a lot of money you'll end up with bankers being promoted and running Apple, which would be... bad.

• by adamredwoods on 4/17/23, 4:30 PM

  That is not bad (less that 6-mos cd), subject to change at any minute, though. Per Apple, you must be using iOS first time I've ever seen that prereq:

  >> Annual Percentage Yield (APY) is 4.15 percent as of 4/14/2023. APY may change at any time. Maximum balance limits apply. Savings is available with iOS 16.4 and later.

• by abudabi123 on 4/17/23, 2:18 PM

  Banking services wasn't what made Apple astronomically rich beyond imagination in the first place.

• by cyanydeez on 4/18/23, 1:00 AM

  Knowing apple, this sounds like a dark pattern.