Apple’s high-yield savings account hits over $10 billion in customer deposits

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The deposit account, which was launched in April, lets Apple (NASDAQ:AAPL) Card users earn an annual percentage yield of 4.15% on savings accounts.

U.S. lenders have had to offer higher rates on customer deposits to prevent clients from moving their funds to other high-yield alternatives, especially after an industry crisis earlier this year shook customers’ faith in the financial health of banks.

In March, Apple also launched its “buy now, pay later” (BNPL) service in the United States, expanding its footprint in the financial technology space.