Apple Card’s $10 Billion Savings Milestone

In a recent announcement, Apple revealed that its high-yield Savings account, offered in collaboration with Goldman Sachs through the Apple Card, has achieved a remarkable milestone by amassing over $10 billion in deposits from users since its launch in April. The Savings account is designed to provide Apple Card users with a platform to amplify their Daily Cash rewards through a Savings account with Goldman Sachs, boasting an attractive high-yield annual percentage yield (APY) of 4.15 percent.

• Apple Card’s Savings account, in partnership with Goldman Sachs, has reached a significant achievement, garnering over $10 billion in user deposits since its launch in April.
• The Savings account enables Apple Card users to increase their Daily Cash rewards through a high-yield APY of 4.15 percent.
• Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, emphasizes the company’s commitment to users’ financial well-being and its aim to reinvent financial products with user benefits in mind.
• The Savings account offers a hassle-free experience with no fees, minimum deposits, or minimum balance requirements, providing users with an easy and convenient way to save money.
• Since its introduction, 97 percent of Savings account holders have opted to have their Daily Cash automatically deposited into their account, fostering healthy savings habits.
• There are no limits on the amount of Daily Cash that users can earn, and they can enhance their savings by adding funds to their Savings account via a linked bank account or their Apple Cash balance.
• The Savings account complements the existing financial benefits of the Apple Card, which includes fee elimination, simplified application processes, lower interest encouragement, robust privacy and security measures, and Daily Cash rewards on all purchases.
• Liz Martin, Goldman Sachs’s head of Enterprise Partnerships, underscores the success of the Savings account in bolstering customer financial wellness and delivering superior customer experiences.

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Via Apple News