Depositors pull nearly $60bn from three US banks as Apple raises pressure

Charles Schwab, State Street and M&T report combined bank deposit outflows of almost $60bn in Q1 2023 as US savers look for higher returns amid a collapse of Silicon Valley Bank and two other US lenders. Apple and Goldman Sachs have launched a new savings account in the US with a market-leading 4.15

April 17, 2023 . 5:56 PM

1 min read

Charles Schwab, State Street and M&T lost almost $60bn in combined bank deposit outflows in Q1 2023.
The collapse of Silicon Valley Bank and two other US lenders has further accelerated the deposit flight.
Apple and Goldman Sachs have launched a new savings account in the US that offers a market-leading 4.15% interest rate.
US savers are moving their money in search of higher returns, with many choosing money market funds and Treasury bills.
The average US bank account savings rate is just 0.37%, compared to the Fed's benchmark rate of 4.75% to 5%.