Apple Card Savings Nears $1 Billion in Deposits During First Days
Apple Card and Apple Savings app

Apple Card Savings Nears $1 Billion in Deposits During First Days

Last month, after previously announcing plans to introduce a savings account, Apple debuted Apple Card Savings. The new offering allows Apple Card customers to automatically deposit their earned cashback into high-yield savings. Now, the account has seemingly seen early success based on the value of initial deposits.

According to a report from Forbes, Apple Card Savings managed to accrue $400 million in deposits on its launch day. Furthermore, after four days, deposits to the account totaled $990 million. While Forbes cites sources familiar with the matter, Apple did decline to comment on these figures.

Launched in partnership with Goldman Sachs (which also issues the Apple Card itself), the headline feature of Apple Card Savings is the 4.15% APY that it currently offers. Although that’s not the absolute highest rate on the market, it’s not far off — and comes without the requirement of setting up direct deposit, making a certain number of transactions, etc. There’s also no cap on this APY, although the accounts themselves are limited to $250,000 in deposits. Also notable is that the rate offered by Apple Card Savings is 25 basis points higher than what Goldman’s own Marcus account currently boasts.

As Apple Card Savings manages to hit early milestones, another Apple financial product is also making its way to market. In March, the company announced that its Apple Pay Later would be made available to a number of randomly-selected users to try. Since then, the number of eligible consumers has expanded, although it has yet to fully launch. With the “buy now, pay later” offering, customers can request a loan of between $50 and $1,000 in order to make a purchase. If approved, users will be able to pay off the purchase over the course of four equal payments — one due at the time of the transaction and three subsequent payments due two weeks apart.

While these reported figures suggest that Apple Card Savings is a hit, it is worth remembering that Apple is known for its early adopters. Because of this, the true test for the feature will be how it performs in a year or two. Moreover, while the account may have an appealing APY now, it will be interesting to see how this adjusts along with changes in the market and whether that might also impact usage. Despite these lingering questions, for now, Apple Card Savings seems to mark a successful expansion of Apple’s entry into the financial services world.

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