Apple Card’s savings account reaches over $10 bn in deposits

SAN FRANCISCO: Apple Card’s high-yield savings account by Goldman Sachs has seen more than $10 billion in deposits since launching in April, the tech giant has announced.

The savings account from Goldman Sachs offers a high-yield annual percentage yield (APY) of 4.15 per cent.

“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

Since the launch of Savings, 97 per cent of customers have chosen to have their Daily Cash automatically deposited into their account, enabling users to easily establish and continue cultivating healthy savings habits.

There is no limit on how much Daily Cash users can earn, and to build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance, said the company.

Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, providing the privacy and security users expect from Apple, and offering Daily Cash on every purchase.

“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,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships.

Users can easily set up and manage their Savings account directly from Apple Card in Wallet.