\n
Apple announced today that Apple Card\u2019s high-yield Savings account offered by Goldman Sachs has reached over $10 billion in deposits from users since launching in April. The Savings account offers an APY of 4.15%.<\/p>\n
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 on how much Daily Cash users can earn, and to build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.<\/p>\n
Savings accounts are technically managed by Goldman Sachs, which means that 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 grant you 1% in cash rewards and 2% for all purchases made using Apple Pay. Purchases with select merchants unlock 3% in rewards.<\/p>\n
\u201cWith each of the financial products we\u2019ve introduced, we\u2019ve sought to reinvent the category with our users\u2019 financial health in mind,\u201d said Jennifer Bailey, Apple\u2019s vice president of Apple Pay and Apple Wallet, in a statement. \u201cThat was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings. 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\u2019re thrilled to see the excellent reception from customers both new and existing.\u201d<\/p>\n
With today\u2019s milestone announcement, Apple ranks somewhere around the 140th mark in terms of the top U.S. banks by deposit total, when looking at data made available by MX.<\/p>\n
\u201cWe 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,\u201d said Liz Martin, Goldman Sachs\u2019s head of Enterprise Partnerships, in a statement.<\/p>\n
Users can set up and manage their Savings account directly from Apple Card in the Wallet app. To get started, after accessing Apple Card from the Wallet app, users can tap \u201cMore,\u201d select \u201cDaily Cash,\u201d tap \u201cSet Up Savings,\u201d and follow the onscreen 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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Apple announced today that Apple Card\u2019s high-yield Savings account offered by Goldman Sachs has reached over $10 billion in deposits from users since launching 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. […]<\/p>\n","protected":false},"author":1,"featured_media":88785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-88784","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology"],"yoast_head":"\n
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