Apple’s foray into the financial industry has been a big success, with the tech giant’s new high-yield savings account attracting nearly $1 billion in just four days, according to anonymous sources cited by Forbes. The Apple Card Savings Account, which is operated by Goldman Sachs, offers an annual percentage yield (APY) of 4.15% to Apple Cardholders in the United States.
Despite not being the highest-yielding savings account on the market, the convenience of the account, which is only available to Apple Card users, seems to have contributed to its popularity. Within the first week of availability, approximately 240,000 accounts were created.
While Apple and Goldman Sachs have not disclosed the actual number of accounts created, the initial success is remarkable given the current economic climate, where banks are struggling and competing to retain deposits.
The partnership between Apple and Goldman Sachs, which began in 2019, has seen the two companies launch a credit card, personal loans, and now a savings account. With the Apple Card Savings Account’s initial success, it will be interesting to see how the partnership develops and what other financial products the companies may offer in the future.