The Apple Card high-yield savings account offered by Goldman Sachs has reached more than $10 billion in user deposits since its launch in April. The Savings account offers an APY of 4.15%.
Since launch, 97% of Savings customers have chosen to have their Daily Cash automatically deposited into their account, the company says. Apple notes that there is no limit to the amount Daily Cash users can earn, and to further tap into their savings, users can deposit additional funds into their savings account through a linked bank account or from their Apple balance. Cash.
Savings accounts are technically managed by Goldman Sachs, meaning the balances are covered by the Federal Deposit Insurance Corporation (FDIC). When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases earn you 1% in cash rewards and 2% for all purchases made with Apple Pay. Purchases with select merchants unlock 3% in rewards.
“With each of the financial products we introduce, we seek to reinvent the category with the financial health of our users in mind,” Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said in a statement. “That was our goal with the launch of Apple Card four years ago, and it continued to be our guiding principle with the launch of Savings. With no fees, no minimum deposits and no minimum balance requirements, Savings offers an easy way for users to save money every day, and we're delighted to see the excellent reception from both new and existing customers.”
With this announcement, Apple sits somewhere around the 140th mark in terms of top US banks by total deposit, when looking at data made available by MX.com.
“We are very pleased with the success of the savings account as we continue to provide valuable and seamless products to Apple Card customers, with a shared focus on building the best-in-class customer experience that helps consumers to lead healthier financial lives,” Liz Martin, head of business partnerships at Goldman Sachs, said in a statement.
Users can set up and manage their savings account directly from Apple Card in the Wallet app. To begin with, after access Apple Card from the app Wallet, users can tap “More,” select “Daily Cash,” tap “Set up savings,” and follow the on-screen instructions. Once set up, users will also have access to a Savings dashboard in the Wallet app, where they can track their account balance and interest earned over time.
