After A Billion Dollars In 4 Days, Apple Savings Account's Deposits Jump To $10 Billion In Just 3 Months
Apple Savings Account Gets $10 Billion Deposits In 3 Months
Just three months after launch, Apple has announced that deposits in Apple Card’s high-yield savings accounts have already hit the $10 billion mark.
For the unversed, Apple's high-yield savings account's interest rate of 4.15% p.a., which it claims is more than 10 times the national average in the US, is also higher than what most of the major banks offer in India.
What Apple & Goldman Sachs Said About The Milestone
“With each of the financial products we’ve introduced, we’ve sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of savings (account),” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “With no fees, no minimum deposits, and no minimum balance requirements, savings (account) provides an easy way for users to save money every day, and we’re thrilled to see the excellent reception from customers both new and existing.”
Since the launch of the Savings Account, 97% of customers have chosen to have their daily cash automatically deposited into their account, enabling users to easily establish and continue cultivating healthy savings habits. There is no limit on how much daily cash users can earn, and to build on their savings even further, users can deposit additional funds into their savings account through a linked bank account, or from their Apple cash balance, the tech giant's press release mentioned.
“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships, as per the press release.
However, as per various media reports, even though Goldman Sachs has had a successful yet tumultuous relationship with Apple since it partnered with the company for Apple Card, it seems that Goldman Sachs could end the Apple partnership as it wants to exit the consumer lending business. This could leave Apple looking for other partners, or perhaps taking its financing in-house.
How Apple Is Becoming More Like A Bank
Let's put it straight. By offering a host of banking products at present, such as an Apple credit card, Apple cash, Apple Pay, an Apple savings account, and a buy now, pay later facility, Apple has been gradually strengthening its position as a banking giant with the help of partner Goldman Sachs.
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