On April 17, Apple introduced the Apple Card Savings account, and it turns out that it was very popular among iPhone users. The new Apple-branded high-yield savings account saw up to $990 million in deposits during the first four days after launch, according to Forbes.
Forbes says he spoke to two anonymous sources with knowledge of how Apple’s savings account performed shortly after launch, but the deposit total hasn’t been officially confirmed by Apple or Goldman Sachs, Apple’s partner in the savings company. Apple Card.
In the first day alone, Apple Card owners deposited $400 million, which is perhaps not a surprise given Apple’s large iPhone user base in the United States. By the end of the week, approximately 240,000 accounts had been opened.
The Apple Savings Account is limited to Apple Card holders and allows them to deposit Apple Cash earned from the Apple Card directly into the account. Apple Card holders can also deposit additional money from a checking account into the Apple Card savings account, where it will earn interest.
Apple is offering an APR of 4.15% right now, which is attractive when combined with the ease of opening a savings account. Creating an account takes just a couple of minutes for those who already have an Apple Card, and it works just like any other savings account. There are no fees or minimum balance, although accounts cannot exceed the FDIC insurance limit of $250,000.
The competitive APR and simplicity of Apple Savings will give you an edge over competing high-yield savings account providers. Getting a higher rate for a savings account typically requires dealing with a digital bank, and not many popular finance companies can compete with Apple on APR. Citi Bank, for example, has a rate of 3.85% and Discover is at 3.75%. American Express also offers an APR of 3.75%, while Capital One is at 3.50% and Barclays at 4%.
Like the Apple Card, the Apple Savings account is managed from the Wallet app and earnings can be tracked through a simple and informative interface.
