22 May 2023

Apple Pay...Reaching Deeper Into Your Pockets >> “We are very pleased with the initial response,” Apple CEO Tim Cook told analysts in early May

 

Apple Is Reaching Deeper Into Your Pocket. Why PayPal and Other Fintechs Should Be Scared.

By 
Carleton English
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Illustration by George Wylesol

Banks have lost nearly $1 trillion in deposits over the past year as money flowed into higher-yielding money-market funds. One company grabbing some of the cash: Apple. The iPhone maker recently launched a savings account with a 4.15% yield, 10 times the national average for banks. “We are very pleased with the initial response,” Apple CEO Tim Cook told analysts in early May. . ."

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