Apple Card Savings reaches $10bn in deposits

Less than four months after launching its high-yield savings account, Apple Card has surpassed $10bn in user deposits.

Apple launched the savings account in partnership with Goldman Sachs, which has been its fintech partner since it released the Apple Card back in 2019.

Customers can earn an annual percentage yield of 4.15 per cent on the cashback they get from their purchases, which Apple labels ‘Daily Cash’.

“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,” Apple vice president Jennifer Bailey said.

“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.”

According to Apple, since it launched its savings account in April, 97 per cent of ‘Savings’ customers have opted to have their Daily Cash automatically put into their accounts, which it hopes cultivates healthy savings habits in its users.

Earlier this year Apple also launched ‘Pay Later’, nine months after announcing it would enter the ‘buy now, pay later’ space as it continues to expand its payments offerings.