Apple, Goldman Sachs collaborate to launch high-yielding savings account

(Photo grab from Apple’s website)

Two iconic names in technology and finance have joined forces to create what might become the world’s largest financial technology (fintech) product.

Technology giant Apple has partnered with American banking leader Goldman Sachs to offer a high-yielding savings account with an annual percentage yield (APY) of 4.15 percent, which is more than 10 times what conventional banks in the US currently give.

“With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their savings account directly from Apple Card in Wallet,” Apple stated on its website.

According to Apple, the new Apple Card savings account is built upon the financial health benefits that Apple Card already offers to its users. In addition, since the savings accounts are managed by Goldman Sachs, the cash balances are covered by the Federal Deposit Insurance Corporation (FDIC).

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