Nearly $1 Billion Deposited by Apple Card Owners Four Days After Savings Account Launch

Apple on April 17 introduced the Apple Card Savings account, and it turns out that it was highly popular with iPhone users. The new Apple-branded high-yield savings account saw up to $990 million in deposits during the first four days after launch, according to Forbes.

apple card savings account
Forbes says that it spoke with two anonymous sources with knowledge of how the Apple Savings account performed shortly after launch, but the deposit total has not been officially confirmed by Apple or by Goldman Sachs, Apple's partner on the ‌Apple Card‌ Savings venture.

During the first day alone, ‌Apple Card‌ owners deposited $400 million, which is perhaps not a surprise given Apple's large ‌iPhone‌ user base in the United States. By the end of the week, approximately 240,000 accounts had been opened.

The Apple Savings account is limited to ‌Apple Card‌ holders, and it allows them to deposit the Apple Cash earned from the ‌Apple Card‌ directly into the account. ‌Apple Card‌ holders can also deposit additional money from a checking account into the ‌Apple Card‌ Savings account, where it will earn interest.

Apple is offering a 4.15% APR at the current time, which is appealing when combined with the ease of opening the savings account. Creating an account takes just a couple of minutes for those who already have an ‌Apple Card‌, and it works like any other savings account. There are no fees and there is no minimum balance, though accounts can't exceed the $250,000 FDIC insurance limit.

The competitive APR and the simplicity of the Apple Savings account will give it an edge over competing high-yield savings account providers. Getting a higher rate for a savings account typically requires dealing with a digital bank, and not many popular financial companies are able to compete with Apple on APR. Citi Bank, for example, has a 3.85% rate, and Discover is at 3.75%. American Express also offers a 3.75% APR, while Capital One is at 3.50% and Barclays is at 4%.

Like the ‌Apple Card‌, the Apple Savings account is managed from the Wallet app, and earnings can be tracked through a simple, informative interface.

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Top Rated Comments

jimbobb24 Avatar
15 months ago
It really was easy to set up. I already earned 34¢ so the future is bright.
Score: 42 Votes (Like | Disagree)
newyorksole Avatar
15 months ago

They are going to, because the rates will follow whatever the fed does.

4.15% isn't even the highest paying savings account out there. Amazing that people will put their money into this without doing one minute of research to see there are better options.
I have said it before and will say it again.

people can have multiple savings accounts ?. what makes you think people depositing into Apple don’t know what other higher yields are out there?

and… who cares anyway. Apple has no minimum and is just a more seamless/integrated experience than those other nameless accounts you mentioned.
Score: 24 Votes (Like | Disagree)
Apple Knowledge Navigator Avatar
15 months ago
Why deposit a billion dollars when we could deposit… ONE MILLION DOLLARS?!
Score: 24 Votes (Like | Disagree)
xxray Avatar
15 months ago
Your money is held up for 9 months though. There are different financial products for different use cases. Why do you automatically assume you know better than other people do on what to do with their own money?

I think this is overall a good thing. I’m sure Apple inspired some people to do more with their money than what they were doing before.
Score: 23 Votes (Like | Disagree)
cocky jeremy Avatar
15 months ago
I transferred like $40 from my Apple Cash. I had a big hand in that billion dollars. You're welcome, Apple.
Score: 20 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
15 months ago
I'm ready to make some serious money from my Apple Card Savings Account.

Apple better not change its mind on that 4.15% APR rate. More deposits to come in the future! We are locked in now! Let's go!!

Score: 19 Votes (Like | Disagree)