Apple Announces Brand New High Yield Savings Account – How Does it Rank?
Apple announced that card users can now put credit card rewards into a high-yield savings account that the company launched with Goldman Sachs.
Here’s what the savings account will offer:
An annual percentage yield of 4.15% blows the competition out of the water. According to company data, Apple (NASDAQ: AAPL) says this is ten times the national average. The yield comes in slightly higher than a savings account with Marcus by Goldman Sachs and on the low end of a top savings account list compiled by Bankrate.
In Other News
Goldman Sachs (NYSE: GS) will come out at 7:15 am tomorrow, Tuesday morning. The company’s current revenue is $12.8 billion, down 1% year over year.
Apple has long been a titan of the tech industry and a staple of stock market portfolios around the world. As of today, Apple has a market capitalization exceeding $2.6 trillion, making it one of the most valuable companies globally. Apple has remained resilient. They’ve reported strong financial results and continue to innovate despite the most recent 40% Plunge in Apple’s PC Shipments.
In recent years, the company has diversified its revenue streams by investing in its services segment, which includes offerings like the App Store, Apple Music, iCloud, and Apple TV+. This diversification has helped Apple maintain growth, even as the smartphone market has matured. Now, this new high-yield savings account Apple is offering is just another appealing method for retail depositors to inflict pain on traditional banks.
As a growth and value stock, Apple has a track record of solid earnings growth. They have consistently paid dividends to their shareholders. The company’s strong balance sheet, coupled with its ability to generate cash flow, still makes it an attractive investment for many investors.
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Disclaimer: Wealthy VC does not hold a position in any of the stocks, ETFs or cryptocurrencies mentioned in this article.
