Apple Card’s Savings Accounts Surpass $10 Billion In Deposits

Tech giant Apple has announced that the Apple Card high-yield Savings account has surpassed $10 billion in deposits since its launch in April. The savings account is offered through a partnership with Goldman Sachs, allowing Apple Card users to increase Daily Cash rewards using a savings account with a high-yield APY of 4.15%.

Apple Card’s savings account hit $10 billion

In the announcement, Apple said that since launching the service, 97% of savings customers have opted to have their Daily Cash deposited into the account. As such, the feature has made it possible for users to nurture a healthy savings culture.

Users are not limited to how much Daily Cash they can earn. Moreover, users can also choose to grow their savings by depositing additional funds within the Savings account using a linked bank account. The savings can also come from the Apple Cash balance.

The Vice President of Apple Pay and Apple Wallet, Jennifer Bailey, said,

With each of the financial products we’ve introduced, we’ve sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings.

Bailey also said that the tool does not charge any fees and does not have any minimum deposits or minimum balance requirements. As such, it offered an ideal way for users to save money daily, with Bailey saying that the platform had been received well by both new and existing clients.

The tech giant also said that the Savings account had changed the credit card experience for users by making the application process straightforward. The Savings account will also change the credit card experience by making the application easy, eliminating fees, and encouraging users to pay lower interest.

Apple’s partnership with Goldman Sachs

As aforementioned, Apple offers a high-yield Savings account through a partnership with Goldman Sachs. The head of Enterprise Partnerships at Goldman Sachs, Liz Martin, said that the financial institution had a shared vision with Apple to create the best customer experience to foster healthy financial lives.

However, the remarks come at a time when Goldman Sachs is reportedly looking to end its partnership with Apple over these Savings accounts. A report by The Information said that Apple’s CEO, Tim Cook, was testing the service shortly before the launch but failed to be approved for an Apple Card. Goldman Sachs rejected his application automatically because Cook is a high-profile figure prone to impersonation.

The report also said that Goldman Sachs planned to shift its attention away from consumer banking. As such, the financial institution wanted to transfer the partnership to American Express, but contractual obligations might hinder such an immediate shift. The initial contract required that Apple Card run on the Mastercard network until at least 2026, but American Express has its payment network.