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Apple's high-yield savings account hits over $10 billion in customer deposits
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Apple's high-yield savings account offered by its partner Goldman Sachs has reached over $10 billion in customer deposits, the technology giant said on Wednesday. The deposit account, which was launched in April, lets Apple Card users earn an annual percentage yield of 4.15% on savings accounts.
U.S. lenders have had to offer higher rates on customer deposits to prevent clients from moving their funds to other high-yield alternatives, especially after an industry crisis earlier this year shook customers' faith in the financial health of banks.
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