Apple today announced that over $10 billion has been deposited into Apple Card Savings accounts since the service first launched in April.
The service, offered in collaboration with Goldman Sachs, provides Apple Card holders with the opportunity to deposit their Daily Cash rewards into a savings account that offers an APY of 4.15%. Apple says that 97% of all Apple Card users have opted to automatically deposit their Daily Cash rewards into a Savings account. Additionally, users can deposit funds from an external linked bank account into their Savings account, offering extra flexibility.
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. 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.
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Jennifer Bailey, Apple’s VP of Apple Pay and Apple Wallet
“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.
Liz Martin, Goldman Sach’s Head of Enterprise Partnerships
The Apple Card Savings account feature requires an iPhone running iOS 16.4 or later. The APY for Apple’s new Savings account is set at 4.15%. Apple first previewed this feature in October 2022, before officially making it available to the public in April 2023. The company also issued a support document with further details regarding the feature.
While the relationship involving Apple and Goldman Sachs is reported to be bumpy, today’s news paints an impressive milestone for both companies, especially as the Savings account only launched around four months ago.
