Is the Apple Savings account just another debt trap?

Apple’s new high-yield savings account — which is dangling an interest rate that’s 10 times the national average — has been swamped with customers who have deposited a total of $1 billion during the first four days since its launch.

The iPhone maker’s foray into commercial banking has been a successful one, according to Forbes.

The account offers depositors a 4.15% annual return, which far exceeds the less than half a percent that is typically offered by banks.

After just four days, the service, which is only available to holders of Apple’s credit card, Apple Card, numbered 240,000 customers, the magazine reported.

March data from the Federal Deposit Insurance Corporation showed consumers earned an average of 0.37% on savings in bank accounts.

But some are saying that it’s a debt trap, given that the apple credit card is connected to the savings account and could end up drawing more interest from the user than they are receiving.

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