Apple Savings

Threat to banking or motivation for fintechs?

Copertino's unicorn never ceases to surprise us, and last Monday, April 17, it finally made its new product available to its customers in the United States: Apple Savings.

It is a savings account backed by Goldman Sachs, which promises a return of 4,15% per annum with no fees or minimum amounts.

Apple Savings

4.15% Wao?

For many it is not a relevant rate and less so in this carnival of high rates courtesy of the FED, but let's keep in mind that this 4.15% is equivalent to multiplying by 10 the U.S. market average of 0.37%.

Without downplaying the importance of the fact that it is a first big step for Big Tech to venture into this type of alternative services and hand in hand with the financial sector.