July 20, 2024
Apple Card's Savings Accounts Reach Over $10 Billion in Deposits

Apple Card's Savings Accounts Reach Over $10 Billion in Deposits

Posted August 2, 2023 at 8:33pm by iClarified
Apple has announced that its Apple Card high-yield Savings account offered by Goldman Sachs has reached over $10 billion in deposits since launching in April. Annual Percentage Yield (APY) for the account is 4.15 percent as of August 2, 2023.

Since the launch of Savings, 97 percent of Savings 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.

"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," 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 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."

"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.

Despite the statement from Goldman Sachs, several recent reports have said that the company has soured on its relationship with Apple and is looking to get out of the partnership. Goldman Sachs has purportedly been in talks with American Express to take over Apple Card and other ventures with Apple; however, it's agreement with Apple reportedly extends to the end of the decade and Apple would need to agree to a transfer.

You can learn more about Apple Card and its benefits at the link below...

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Apple Card's Savings Accounts Reach Over $10 Billion in Deposits
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