"Apple's High-Yield Savings Account Attracts Billions in Deposits Amid Fed Rate Hikes"

As US Treasury yields rise, tech companies are offering high-yield savings accounts to attract depositors. Apple has launched its Apple Card savings account with a 4.15% annual percentage yield (APY) in partnership with Goldman Sachs, while Robinhood's Robinhood Gold offers a 4.65% APY. Fintech companies like LendingClub and Upgrade are also offering high-yield savings accounts, with Upgrade offering 4.56% for customers with a minimum balance of $1,000. These accounts are seen as an onboarding tool to more lucrative products, like consumer lending or conventional credit cards.