It's kind of alarming how smoothly Apple made the transition to being a bank.
They're slowly transitioning into the type of megacorp you usually only see in science fiction.
this post was submitted on 04 Aug 2023
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They’re slowly transitioning into the type of megacorp you usually only see in science fiction.
Apple isn't technically a bank in this case, but even if they were, it's pretty common and not at all a dystopian sci-fi thing. Sony owns a bank. Hyundai owns a bank. In the US, GM made a bank over a century ago, spun it off in 2006 (it's now called Ally), realized that was a mistake, and bought an existing bank in 2010.
Apple’s fate is to be the American Sony
What does that mean?
I kind of get it if the interest rate is 4.15% (assuming that that’s what APY means). Is this a common rate in the US? From my European perspective that’s incredibly high.
The Fed has massively increased interest rates in the past year or so to fend off a recession. That's in part what led to the recent bank failures, because the banks made stupid investments hinging on low interest rates. As a whole, it's been working wonders for the economy. Things have been stabilizing and fears of a recession have lowered.
In short, yes, 4.15% is on the good side, but it's also pretty common in the US right now. Some savings accounts have 5%+ last time I checked, though those are harder to come by and often have stupid rules attached.
One minor correction, interest rates have been raised to fight inflation. Concerns of a recession came because when you raise rates people spend less and the economy slows. But, Americans being Americans, they haven’t really slowed down their spending so recession concerns haven’t been a huge issue.
My high street bank in the UK is also offering 4%.