As trust in traditional banks falters, the two most iconic names in tech and finance are joining together to create what might become America’s mightiest fintech. While the average bank is paying less than a half a percent on savings accounts, Apple announced this year it would be offering 4.15% annual returns to savers – no minimums, no lockups and FDIC-insured. This comes at a time when regional banks are scrambling in the wake of the Silicon Valley Bank crisis to maintain their deposit bases, and cash-starved fintech startups are likewise struggling.
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