It is understood that technology giant Apple Inc. (Apple Inc..) with Goldman Sachs Group Inc. (Goldman Sachs Group Inc..) teamed up to launch a long-promised high-yield savings account, hoping to attract U.S. financial customers with attractive interest rates and a convenient Wallet app.。

The tech company said in a statement on its website on Monday that the new product will give Apple Card users 4.15% annual yield, which is more than 10 times the U.S. national average。And the account has no additional administrative fees, minimum deposit or balance requirements, and users can easily set up and manage savings accounts in the Wallet app。

It is worth noting that the initiative plan is only available in the United States, and the maximum balance of the account is $250,000.。

In addition, Apple said that all Daily Cash received through Apple Card will be automatically deposited into a savings account.。Daily Cash Back is an Apple Card rewards program that offers up to 3% rebates。

Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said: "Saving helps our users get more value from their favorite Apple Card benefits, Daily Cash, while providing them with an easy way to save money every day.。"

"Our goal is to develop tools that help users live healthier financial lives by incorporating savings into Apple Card in Wallet so they can spend, send and save their daily cash directly and seamlessly in one place," Bailey said.。"

Apple's move, which pushes its influence into a broader battle for savers, could increase pressure on other financial firms trying to protect their money.。Small and medium-sized banks, in particular, have been facing withdrawal problems this year as depositors have sought higher returns elsewhere or moved funds to safe havens like JPMorgan Chase after the collapse of Silicon Valley Bank last month.。

BlackRock Inc (BlackRock Inc).) CEO Larry Fink predicted on Friday that cash will continue to flow out of traditional bank accounts under these pressures.。

"More and more deposits are coming out and they're going into ETFs and any form of cash and money market funds," he said, noting that his company has been benefiting.。

Apple releases the product as part of a series of new financial products。The idea is to generate more revenue from services that have proliferated in recent years and provide another way to lock consumers onto the Apple platform.。

According to previously disclosed annual reports, nearly 20% of Apple's revenue in 2022 will come from financial services, up from 8% a decade ago, and more products will follow.。Earlier, Apple revealed that an iPhone subscription program is underway, along with an expanded version of a "buy before you pay" program called Apple Pay Monthly Installments, which can process larger transactions over a longer period of time while charging interest.。