Apple users have deposited more than $10bn in its savings product

3 Aug 2023

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The high-yield savings account offered by Apple and managed Goldman Sachs has a 4.15pc interest rate.

Apple’s savings account offering, which launched in the US four months ago, has reached a milestone of $10bn in deposits as more users sign up to the high-yield savings scheme offered by Goldman Sachs.

The company wrote in an update yesterday (2 August) that 97pc of customers using Savings have chosen to automatically deposit their Daily Cash rewards – cashback when making purchases with the Apple Card – into their savings account.

When customers in the US pay with their Apple Card, they get cash back on all purchases. By default, all purchases grant users 1pc in cash rewards and 2pc for all purchases made using Apple Pay. Transactions with select merchants can even unlock 3pc in rewards.

First introduced to US customers in April, Savings enables Apple Card users to grow their Daily Cash rewards with a savings account from Goldman Sachs, which offers a high annual percentage yield of 4.15pc – much higher than the average US savings account.

Jennifer Bailey, vice-president of Apple Pay and Apple Wallet, said that the company seeks to “reinvent” financial product categories every time it launches a new one, keeping a 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 said.

“With no fees, no minimum deposits and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we’re thrilled to see the excellent reception from customers both new and existing.”

Because they are managed by Goldman Sachs, Apple savings account balances are covered by the Federal Deposit Insurance Corporation.

However, Apple noted during its launch that the interest rate being offered can be changed “at any time”. There is also no indication whether Apple Savings will be offered to customers outside the US any time soon.

“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives,” said Liz Martin, head of enterprise partnerships at Goldman Sachs.

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Vish Gain is a journalist with Silicon Republic