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The Future of Banking

Last updated on May 8, 2023

Apple’s new high-yield savings account has already attracted almost $1 billion in deposits within four days of its launch. The savings account, offered in partnership with Goldman Sachs, offers an annual percentage rate of 4.15%, which is more than 10 times the national average. Robinhood also recently unveiled a high-rate savings product yielding 4.65% annually for Robinhood Gold members. As a result, regional banks are facing significant challenges as customers opt for non-traditional alternatives that offer attractive rates. In recent weeks, regional banks have experienced a deposit drain amid the banking system’s recent distress and rising interest rates.

Complex Terms:

  • Goldman Sachs – Multinational investment bank and financial services company headquartered in New York City.
  • Robinhood – Financial services company providing a mobile app-based trading platform for individual investors.

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