Over $10bn deposited into Apple Card’s savings account in first four months of going live
Just over four months after launching, US tech giant Apple has confirmed that its Apple Card savings account offering has accumulated over $10 billion in deposits.
Apple’s savings account offering secures $10bn in deposits
Integrated into the Apple digital wallet and available to Apple Card users, the account enables users to deposit rewards from Apple’s Daily Cash scheme automatically, with 97% of customers adopting this functionality. In addition to this, users can also add to their deposits via a linked bank account.
Apple Card’s savings accounts, which are offered through Apple’s partnership with US bank Goldman Sachs, incur a high-yield APY of 4.15%, which at the time of launch was over 10-times the US national average.
Within the first week of going live in April, the offering had already accumulated $1 billion in deposits.
Now four months later, the success of the product marks a major milestone in the development of Apple’s financial services, which most recently extended to credit cards and the launch of Tap to Pay in the UK.
“With each of the financial products we’ve introduced, we’ve sought to reinvent the category with our users’ financial health in mind,” comments Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
“That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings.”
The news follows media reports that Goldman Sachs is potentially looking to exit its partnership with Apple in the US and is in talks with American Express to take over its Apple credit card and other Apple initiatives.
