Apple’s savings a/c draws $1 bn in deposits in just 4 days

SAN FRANCISCO: Apple’s new high-yield savings account has drawn nearly $1 billion in deposits in just four days of its launch, the media reported, amid a cascade of US bank failures, the latest being First Republic Bank.

On launch day alone, the Apple savings account, which gives 4.15 per cent annual return, drew nearly $400 million deposits, reports Forbes.

“By the end of launch week, roughly 240,000 accounts had been opened,” the report said, citing sources.

The Apple savings account is offered through a partnership with Goldman Sachs.

Apple and Goldman Sachs, however, declined to comment on deposits and account numbers.

The tech giant last month launched a new high-yield savings account for Apple Card users that comes with a 4.15 annual percentage yield (APY).

“Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 per cent -- a rate that’s more than 10 times the national average,” said the company.

With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.

“Savings helps our users get even more value out of their favourite Apple Card benefit ‘Daily Cash’ while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.