Apple Pay savings account

Investing / Others
1

Apparently an Apple Pay savings account is about to be launched.

I wonder what the interest rate is going to be…

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2

U.S. only. I would not expect this in Switzerland for at least a couple of years - if ever.

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3

Ah, I missed that part in the article… :face_with_diagonal_mouth:

4

Interesting! Might raise some competition law issues though, if it ever comes to Europe.

5

4,15 %

It seems it was a good launch.
This move from Apple / Goldman Sachs - from a business perspective - is quite amazing.

From the article:

  • Apple gained nearly $1 billion in deposits into its new high-yield savings account in just four days, according to a Forbes report.
  • The iPhone maker launched a HYSA last month, offering its Apple Card customers a 4.15% yield.
  • On the first day of launch, Apple gained nearly $400 million in deposits.
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6

I want this for CHF too, please, not satisfied with meagre interest Swiss banks are offering me :stuck_out_tongue_closed_eyes:

7

How can they sustainably pay such a high interest rate?

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8

Risk free-rate for USD is at 5%, they are still getting (at least) the delta with the risk free rate. It’s not that different from swiss savings accounts >0.5% with the risk free rate at 1.5% (the savings account provider has a similar margin).

6 Likes