Apple, Goldman Sachs launch high-yield savings account with 4.15% interest

admin 2023年5月23日

Intermediate

Business & Economy, Business & Economy - Intermediate

Pre-reading questions:

I will read each question. Then, please answer them.

Do you have any experience using your mobile phone to access your bank account? Tell me about it.
What do you think are the advantages and disadvantages of using mobile devices to access your bank account?

Vocabulary:

I will read the words, meanings, and sample sentences. Then, repeat after me.

launch /lawnch, lahnch/

[verb] – to begin something such as a plan or introduce something new such as a product
The company plans to launch its new product line next month, featuring innovative designs and advanced technology.

balance /BAL-uhns/

[noun] – the amount of money you have in a bank account, or the amount of something that you have left after you have spent or used up the rest
I need to check my bank account balance before I make any big purchases to ensure I have enough money to cover them.

qualify /KWOL-uh-fahy/

[verb] – to have the legal right to have or do something because of the situation you are in, or to cause someone to have such a right
To qualify for the job, applicants must have at least five years of experience in a related field and possess a relevant degree.

purchase /PUR-chuhs/

[noun] – something that you buy
She accidentally depleted her bank account because of this purchase.

installment /in-STAWL-muhnt/

[noun] – one of several parts into which a story, plan, or amount of money owed has been divided, so that each part happens or is paid at different times until the end or total is reached
The laptop was quite expensive, so I decided to buy it on an installment plan and pay it off over the course of 12 months.

Article reading:

Please read the whole article. Then, I will check your pronunciation and intonation.

Apple and Goldman Sachs have launched a high-yield savings account with a 4.15% interest rate, more than 10 times higher than the US national average. Ted Rossman, a senior industry analyst at Bankrate, said that Apple’s savings account interest payout was about 415 times higher than the 0.01% offer from Chase and Bank of America. The account has no fees, no minimum deposits, and no minimum balance requirements; it is managed through Apple products, with users needing Apple’s credit card, the Apple Card, to qualify. The account is very user-friendly and can be set up and managed directly in the wallet app on iPhones.

The Apple savings account through Goldman Sachs is also insured by the Federal Deposit Insurance Corporation. The move by Apple is part of its efforts to increase its financial services footprint and incentivize customers to move money from the big banks into the Apple ecosystem. The new account is seen as a loyalty play, with the ecosystem of Apple Cash creating a flywheel effect. The move comes two weeks after Apple entered the “buy now, pay later” industry with Apple Pay Later, allowing customers to pay for their purchases in four installments over six weeks.

Comprehension questions

I will read each question. Then, please answer them based on the article.

What is the interest rate on the new Apple and Goldman Sachs savings accounts?
What are the requirements to qualify for an Apple savings account?
How is the Apple savings account managed?
Why is Apple introducing this new savings account?
How many installments are allowed with the “buy now, pay later” program?

Discussion questions