Apple Goldman Sachs Debut HighYield Savings Account

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Apple Inc. introduced a long-promised high-yield savings account with Goldman Sachs Group Inc., looking to attract US financial clients with an attractive rate and the ease of its Wallet app. • The new offering will let Apple Card users earn a 4.15% annual yield, more than 10 times the national average, the tech company said in a statement on its website Monday. The account has no fees, minimum deposit or balance requirements and can be set up from within the Wallet app. • The move thrusts the tech company’s clout into a broader fight for depositors, potentially adding to the pressure on other financial firms that are trying to protect their funding. Small and midsize banks, in particular, have been facing withdrawals this year, as savers chase higher returns elsewhere or move their money to safe havens, such as JPMorgan Chase Co., in the wake of Silicon Valley Bank’s collapse last month. • BlackRock Inc. Chief Executive Officer Larry Fink predicted on Friday that cash will keep trickling out of traditional bank accounts amid those pressures. • -------- • Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm • Subscribe to Bloomberg Originals: / bloombergtv • Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. • Connect with us on… • YouTube: / bloomberg • Breaking News on YouTube: / @bloombergquicktakenow • Twitter: / quicktake • Facebook: / quicktake • Instagram: / quicktake

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