Apple Inc (NASDAQ: AAPL) is in focus this morning after the tech behemoth launched its much-awaited high yield savings account.
Details of Apple’s savings account
On Monday, the multinational said its savings account that pays an annual percentage yield of 4.15% is now available to Apple Card users.
In comparison, a standard savings account in the United States offers an annual percentage yield of just 0.35%. Jennifer Bailey – the Vice President of Apple Pay said today:
Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly – all from one place.
Apple Pay is expected to bring in about $4.0 billion in revenue this year. Wall Street currently has a consensus “overweight” rating on Apple shares.
Apple to report Q2 results next month
The high-yield savings account that Apple Inc has launched in collaboration with Goldman Sachs is free from restrictions of minimum deposit or balance. The press release reads:
All future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn.
Apple is scheduled to report its Q2 results on May 4th. Consensus is for it to earn 1.43 a share this quarter versus $1.52 per share a year ago.
Last week, Jim Cramer said he was very excited about Apple shares as Invezz reported HERE.
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