Just over four months after its launch, Apple’s Apple Card savings account offering has amassed over $10 billion in deposits, marking a significant success for the company’s financial services.
Facts
- Apple’s savings account offering integrated into its digital wallet and available to Apple Card users has accumulated over $10 billion in deposits.
- 97% of customers have adopted the functionality to automatically deposit rewards from Apple’s Daily Cash scheme into the savings account.
- Users can also add to their deposits through a linked bank account.
- The savings accounts, offered through Apple’s partnership with Goldman Sachs, offer a high-yield APY of 4.15%, which is over 10 times the US national average.
- Within the first week of launch, the offering had already accumulated $1 billion in deposits.
- The success of the product is a major milestone in the development of Apple’s financial services, which have expanded to credit cards and the launch of Tap to Pay in the UK.
- Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, emphasizes their commitment to reinventing financial products with users’ financial health in mind.
