Apple’s savings account upends traditional banking – or does it?
By Mitchell Hartman
With all the tumult in banking and interest rates still rising, many bank customers have been moving their money around, looking for safety and a better return on their deposits. Apple recently launched a new savings account in partnership with Goldman Sachs. According to a report in Forbes, it attracted nearly a billion dollars in just the first four days after launch in late April, with a quarter-million accounts opened in the first week….But there could be risks, said Karen Petrou at Federal Financial Analytics, as consumer-technology brands expand into banking. She worries about financial-data privacy and adequate regulation. But most important, “It is really vital that deposits are FDIC insured,” she said.