I dunno, my Betterment Cash Reserve account is at 4.20 APY and is FDIC insured to 2 million.
Not intentionally, but it is. What Apple is offering is a financial ecosystem for families, particular for parents helping their kids manage money. Apple ecosystem is quickly becoming the one-stop shop for managing all things family
My Wells Fargo savings accounts both have a 'generous' 0.01 APY so I agree about it's disruptive potential.
In the very least it will educate many uninformed folks like myself they are getting shafted at their current banks.
That's not an apples to apples comparison. It's more like people shafting themselves for not evaluating the space of money market savings accounts. You can stay with the same bank and go from a 0.01% rate to 4%+.
Disruptive? It's a bog standard savings account with Apple's terrible Wallet interface. It's convenient if you have and actually use an Apple Card I guess. I personally only use my Apple card for Apple purchases because that's the only place you actually get a good rate, and I just use other cards with better cash back on everything else.