"Apple's High-Yield Savings Account Sparks Billion-Dollar Deposits, Inspires Similar Options"

Apple Card Savings Account, operated by Goldman Sachs, reportedly drew nearly $1 billion in deposits in just the first four days of its launch, with over 240,000 accounts opened by the end of launch week. The account pays 4.15% in interest, significantly higher than the industry average, and is only available to Apple Card users. The success comes amid competition amongst financial institutions to attract and retain deposits following a cascade of bank failures.