Apple Card holders deposited close to $1 billion in just four days following the launch of the savings account
Just a few days ago, Apple introduced the Apple Card Savings account. It appears pretty successful with iPhone users. a new report from Forbes indicates that the high-yield savings account by Apple witnessed u to $990 million in deposits in just four days after its launch. Goldman Sachs is the company’s partner in the Apple Card Savings account program. The deposit details have neither been confirmed by Apple nor by Goldman Sachs. Forbes quotes two unidentified sources in its recent report that was familiar with the performance of Apple Savings account.
As per the report, users deposited $400 million on the first day of launch. Well, this is not astonishing since the significant user base of Apple is residents of the US. Towards the week’s end, nearly 240,000 accounts were opened. The new service by the company is limited to Apple Card holders. It enables the users to deposit the Apple Cash earned from the Apple Card directly into the account. In addition to this, users can also deposit additional money via a checking account. In this way, interest can be earned on the deposited amount.
Currently, the company is offering a 4.15% APR. Well, this is a good approach given the fact that opening a savings account is relatively easy. Apple Cardholders can create a savings account in just a few minutes. There are no fees nor any limitations on the minimum balance. However, accounts do have a $250,000 FDIC insurance limit.
The Apple Savings account will have an advantage over rival high-yield savings account providers due to its competitive APR and ease of use. Dealing with a digital bank is often necessary to get a better rate for a savings account. Furthermore, several well-known financial institutions can’t match Apple’s APR. For instance, Discover offers a rate of 3.75%, and Citi Bank has a rate of 3.85%. In comparison to Capital One’s APR of 3.50% and Barclays’ APR of 4%, American Express also offers a 3.75% APR.
Similar to the Apple Card, the Apple Savings account is managed from the Wallet app. Thus, providing the users with an opportunity to track their earnings via a simple, informative interface.
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