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Apple recently announced its latest financial product in partnership with Goldman Sachs — a savings account designed for Apple Card users. The high-yield savings account comes with a 4.15% interest rate and comes with no fees and no minimum deposit or minimum balance requirements. Plus, it has some extra benefits for users like automatic deposits of Daily Cash earned with the Apple Card and the ability to make an instant transfer to your Apple Wallet.

This is considerably higher than the average US savings account rate of 0.37 per cent. It also beats competitors such as American Express which is offering 3.75 per cent and Goldman’s savings account that operates under the Marcus brand, which offers 3.9 per cent.

The launch comes as more established banks, in particular regional and smaller lenders, are under growing pressure to offer better savings rates for depositors to stop them transferring cash to higher-yielding products such as money market funds, which have offered better returns in line with rising interest rates.

In today’s video we ask, Is Apple a threat to banks?

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