BNN Bloomberg provides details on Apple's latest high-yield savings account.

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journalist on the banking and insurance sectors, reports that Canadian banks are seeing an increase in digital banking activity, particularly in mobile banking, due to the COVID-19 pandemic. Customers are avoiding physical bank branches and opting for digital banking options to reduce the risk of exposure to the virus. Banks have seen a surge in online and mobile banking registrations since the beginning of the pandemic, with some institutions reporting a 50 percent increase in registrations. The shift to digital banking is not limited to personal banking, as small and medium-sized businesses are also utilizing digital banking platforms to manage their finances remotely. The pandemic has highlighted the importance of digital banking and accelerated its adoption, with experts predicting that digital banking will continue to grow in popularity even after the pandemic subsides.

Investment Strategist Brian Belski believes that Apple has become a more essential company than General Mills.

Apple has come up with a lucrative savings account, with a high rate of interest, for individuals based in the United States. However, it's worth noting that Canadians don't have the option to avail of this service.

The company just shared about the savings account that has a high-yield APY of 4.15 per cent, stating that this rate is greater than 10 times the national average in the United States.

Goldman Sachs bank is offering accounts to people who use the Apple Card, which is a banking service provided by Apple. This new option is currently only accessible in the United States.

People living in Canada have the ability to connect their bank cards to Apple Wallets, which then let them use Apple Pay. However, the savings account and all other similar services are not currently accessible in Canada.

Savings accounts in the United States can be established using the Apple Wallet application.

The earnings of users through Apple Card transactions are deposited into their savings account. Additionally, users can also contribute to their savings account by linking it with a bank account.

You can take out your money by moving it to a connected bank account, and there are no additional charges for this service according to Apple's statement.

Apple announced that their savings account does not have any charges, compulsory minimum balance, or obligatory deposits.

The intention of the savings account, according to Jennifer Bailey who holds the position of Apple Pay and Apple Wallet's vice-president, is to provide users with a straightforward method to conserve money on a regular basis.

Our aim is to create instruments that assist individuals in maintaining a more favorable financial standing. Integrating Savings into Apple Card in Wallet allows users to utilize Daily Cash without difficulty and conveniently, making it possible to spend, send, and save funds all in one location,” according to a press statement given by her.