On Monday, Apple announced offering high-yield deposit accounts to attract US savers, partnering with Goldman Sachs Group.
Its stock price increased by 0.01% to $165.23 per share on April 17. On the other hand, it is bound to go down by -0.01% to $165.22 apiece in the upcoming session.
Due to fiercer competition among financial institutions for consumer money, it released the offer.
The iPhone maker mentioned that Apple Card users could earn up to 4.15% on their savings accounts. Based on the Federal Deposit Insurance Corporation’s data from March, it can even rise ten times higher than the national average. It reported that consumers have an average of 0.37% earnings in their bank account savings.
Moreover, minor and regional banks compete in deposits by having promotions. This includes higher rates and cash bonuses when savers open new accounts.
These efforts came after concerned consumers transferred billions of dollars from small lenders to major banks. It followed the issues of Silicon Valley Banks and Signature Bank.
Furthermore, Apple users can now put their funds into a savings account without minimum deposits and balance requirements. They can set up their accounts in the Wallet app as Daily Cash will automatically be deposited into their savings.
Indian Apple Stores to be Opened
The iPhone maker bets that India will be its next big growth market. Apple plans on opening its first two retail stores there this week.
Indian improved sales motivate the tech company’s stock, according to analysts. They added that opening stores in Mumbai and Delhi are a significant strategic move for the firm.
Besides, the country is accountable for under 2.00% of its total revenue of Apple. The Cupertino titan has minimal presence in the world’s highly-populated country.
Apple is assessing India for production and retail expansion for the following years. As a result, it can boost yearly revenue from $6.00 billion to $20.00 billion in 2025.
