Apple Card's Savings Account Surpasses $10 Billion Milestone
Since the launch of the Apple Card’s Savings account, powered by Goldman Sachs, in April, over $10 billion in deposits have been made by users.
In addition to reaching this milestone, 97% of Savings customers have chosen to have their cash rewards automatically deposited into their account, Apple said in a Wednesday (Aug. 2) press release.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in the release: “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.”
This Savings account enables Apple Card users to save more money with access to a high-yield APY of 4.15%, according to the press release. Plus, this product comes with no fees, no minimum deposits, and no minimum balance requirements.
This Savings account can be set up and managed directly from the Apple Card in Wallet, the release said. Users can tap on the “More” option on the Apple Card page in Wallet to find “Daily Cash,” select the “Set Up Savings” option and follow the instructions.
Additionally, a dashboard is available in the Wallet for users to track their account balance and interest earned over time, as well as to withdraw funds through transferring them to their Apple Cash account or a linked bank account, per the release.
Liz Martin, Goldman Sachs’s head of enterprise partnerships, said in the release: “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.”
The launch of Apple’s Savings account came at a time when a significant behavioral shift seems to be taking place, with Americans becoming less hesitant to break up with traditional financial institutions, PYMNTS reported shortly after the launch of the product.
Consumers, choosing to no longer let their money sit in low-interest savings accounts, are moving their savings toward neobanks, FinTechs and others who can offer more.
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