"Apple's High-Interest Savings Account Threatens Big Banks"

Apple has launched a high-yield savings account in partnership with Goldman Sachs for Apple Card users, offering an interest rate of 4.15%, more than 10 times the national average. The account has no minimum fees, deposits or balances, but has a maximum balance limit of $250,000. Users can manage their savings account through the Apple Wallet app and accrue Daily Cash as cash back. The launch follows Apple's first partnership with Goldman Sachs to create the Apple Card in 2019.