Apple-Goldman Sachs high-yield savings account surpasses $10B in customer deposits

livemint.com:

savings account, in collaboration with Goldman Sachs, has surpassed $10 billion in customer deposits. The account, which became available in April, allows Apple Card users to earn an annual percentage yield of 4.15 per cent on their savings. According to Reuters, to prevent clients from transferring their funds to other high-yield alternatives, U.S.

lenders have been compelled to offer higher rates on customer deposits. This move comes in the wake of an industry crisis earlier this year that shook customers' confidence in the financial stability of banks. Expanding its presence in the financial technology sector, Apple introduced its "buy now, pay later" (BNPL) service in the United States in March.

Meanwhile, Apple has reportedly started the mass production of its iPhone 15 series display. According to a report by The Elec, a South Korean publication, Apple’s display supplier Samsung has started mass producing the OLED panels for the new smartphones. It says that Apple has granted approval to Samsung Display for the production of four distinct OLED panels intended for the iPhone 15 series.

As the primary supplier of OLED panels to Apple, Samsung Display will be responsible for manufacturing displays for all four models: iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max. The report indicates that the iPhone 15 launch is proceeding as scheduled for September. In contrast to the previous year, where the iPhone 14 series faced delays due to the pandemic, Apple plans to unveil and release the iPhone 15 series within its regular time frame.