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4.15% was 10x the national average when it was announced. Neither of the banks you mentioned have the Apple Card -> Apple Pay Cash -> Apple Savings integration. That is the main draw; people who are not interested in this integration will find more competitive rates elsewhere, including investments, CDs, etc.

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The national average is stupidly low. Major banks still charge 0.01 and even my credit union pays basically nothing.

But if you’re opening an account online specifically for savings, why choose one that isn’t the best.

Also, for comparison the vanguard money market fund is paying 5% right now, and Bask pays 4.75% on a $0 minimum balance, so there’s no reason to open this account and put $10K into it unless you really love Apple, or for some reason are blocked from opening accounts with higher yielding banks.

It's still 10x the national average deposit rate, that doesn't change the fact that it wasn't/isn't an abnormally high or unsustainable rate (as the comment I replied to implies).

I'm not making a value judgement on Apple Savings, I'm refuting the idea that Apple Savings must be some sort of a scam designed to draw in lemmings with a high interest rate and rug them by delaying/refusing to return their money.

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