Moody's warns banks of Apple's high-yield savings account launch.

Moody's analyst Stephen Tu has said that Apple's new linked savings account, which offers a 4.15% annual percentage yield, could be "credit-negative for banks" as it could attract customers away from traditional banks. The account's interest rate is higher than the national average and Goldman Sachs' Marcus savings account. Tu believes that Apple's simple and easy-to-use ecosystem could incentivize consumers to shift funds to the Apple platform from incumbent financial institutions.