Apple Celebrates Success of Savings Accounts, Collecting Over $10 Billion in Deposits

Apple, in partnership with Goldman Sachs, has achieved remarkable success with its high-yield savings accounts, garnering over $10 billion in deposits to date. The tech giant announced this milestone through a press release on Wednesday, highlighting the positive response from its Apple Card holders.

Since the launch of the savings accounts option approximately 3.5 months ago, customers have been flocking to take advantage of the lucrative offering. With an annual percentage yield rate of 4.15%, the savings accounts have been an attractive choice for Apple Card holders seeking to grow their funds without incurring fees, minimum deposits, or balance requirements.

One of the most popular features of the Goldman Sachs savings accounts is the automatic deposit option for Daily Cash cashback rewards earned through purchases. An impressive 97% of customers with the savings accounts have opted for this convenient feature, illustrating its appeal among users.

Liz Martin, head of Enterprise Partnerships at Goldman Sachs, expressed delight in the success of the savings accounts, emphasizing their contribution to creating a best-in-class customer experience that promotes healthier financial habits.

Forbes reported in early May that the savings accounts garnered significant traction during the initial week of their launch, with over 240,000 accounts opened. In just four days, these accounts saw an influx of funds totaling $990 million. These numbers, based on anonymous sources, showcased the swift adoption and appeal of the savings accounts.

Despite the ongoing success of the savings accounts, there have been reports suggesting that Goldman Sachs may be exploring options to potentially offload its partnership with Apple Card. The investment firm has been in talks with American Express to scale back its consumer-facing business, as per a report by the Wall Street Journal in June. However, both Apple and Goldman Sachs have yet to confirm or comment on these speculations.

The $10 billion milestone for the savings accounts comes just ahead of Apple’s publication and discussion of its third-quarter financial results. Apple CEO Tim Cook expressed immense satisfaction with the response to the savings accounts during the second-quarter earnings call in May, describing the feedback as “incredible.” He also emphasized the company’s commitment to providing financial solutions that promote better financial well-being for its customers.

With the continued success of its financial offerings and the company’s recent milestone of surpassing a $3 trillion market cap, Apple’s innovation in the financial sector remains a significant aspect of its ongoing growth and success.