Apple, Goldman Sachs debut savings account with 4.15% annual yield

Apple Inc. launched a long-promised high-yield financial savings account with Goldman Sachs Group Inc., turning to a key accomplice to push deeper into monetary companies.

The new providing will let Apple Card customers earn a 4.15% annual yield, greater than 10 instances the nationwide common, the tech firm mentioned on its web site Monday. The account has no charges, minimal deposit or stability necessities and will be arrange from throughout the Wallet app.

Apple introduced the product in October, a part of a collection of recent monetary choices. The concept is to generate extra income from companies, which have already surged lately, and supply yet one more approach to lock shoppers into the Apple platform.

Still, pushing into the trade hasn’t all the time gone easily. A “buy now, pay later” service suffered an extended delay earlier than starting to roll out final month. And the financial savings account itself took about six months to seem after the announcement.