In an effort to expand its financial services, Apple has announced the launch of a new savings account with a competitive interest rate of 4.15%. According to reports, the savings account requires no minimum deposit or balance, and can be easily set up through the Wallet app on iPhones.
This move by Apple is a part of its growing financial services division, which already includes Apple Pay, Apple Card, and Apple Cash. The company aims to provide more financial options for its users, and this new savings account is expected to be a popular choice.
Despite the competitive interest rate, some social media users have expressed mixed reactions to the new savings account. One user noted, "Better than nothing as long as it’s insured," while another suggested they would rather invest in a mutual fund for better returns. Additionally, some users have expressed concern that Apple is making it harder for users to leave its ecosystem by offering more financial services.
Regardless of the reactions, it is clear that Apple is taking steps to expand its reach in the financial industry. With its new savings account, the company is poised to attract new customers and provide more financial options for existing users. As the company continues to innovate and expand its offerings, it will be interesting to see how its financial services division evolves in the future.
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