More Than $10 Billion Deposited in Apple Card Savings Accounts

Apple Card holders have deposited more than $10 billion in ‌Apple Card‌ Savings accounts that are provided by Goldman Sachs, Apple announced today.

apple card savings account
The Savings accounts first launched in April, so that milestone comes at the four month mark. Apple says that 97 percent of Savings customers have opted into having their ‌Apple Card‌ Daily Cash automatically deposited into the account, which offers a 4.15 APY.

"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," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "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."

In a statement, Goldman Sachs Head of Enterprise Partnerships said that the company is "very pleased" with the Savings account success.

‌Apple Card‌ continues to be limited to iPhone users in the United States, which means the Apple Savings account is only available in the U.S. Apple's announcement comes amid reports that its relationship with Goldman Sachs is on the rocks. Goldman Sachs is allegedly looking to get out of its partnership with Apple as it aims to exit the consumer banking business.

Apple and Goldman Sachs have worked together on the ‌Apple Card‌ since 2019, but Goldman Sachs wants to abandon the deal because it is not making enough money and it has had trouble dealing with customer service issues. The Savings account in particular soured the relationship between the two companies because early customers saw long wait times when attempting to withdraw money.

Goldman Sachs is said to be aiming to have American Express or another company take over its deal with Apple, but the terms are not favorable because the ‌Apple Card‌ lacks fees, and other companies do not find the deal appealing.

Top Rated Comments

tgwaste Avatar
7 months ago
The problem with all of this is that I can only manage these finances on iPhone. Thats not good. We need a mac version of the wallet app.
Score: 25 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
7 months ago
Dang! That's a good chunk of savings money. It's time to raise the APY to 5% now.

I get more with a Discover savings account. The account was opened when I opened my Apple Savings Account. Also, Discover tends to keep increasing my APY. This is the 3rd time they have increased it since the account has been opened.

Attachment Image
Score: 22 Votes (Like | Disagree)
jz0309 Avatar
7 months ago

I doubt they keep going to grow tge same pace, Capital One and Discover give 4.3% and have no withdrawal problems.
bet that if you were digging in, you'll find enough people complaining about issues, just that since Apple is not involved it makes them less "click and bait friendly"
Score: 11 Votes (Like | Disagree)
xraydoc Avatar
7 months ago
They have $10 billion -- with a "B" -- that they can invest (which is how they make their money and the interest they pay you) and they still can't make a profit off that? I thought Goldman Sach was filled with accountants?!
Score: 11 Votes (Like | Disagree)
munpip214 Avatar
7 months ago
Interest rates have gone up 0.5% since Apple launched. Time to move up!
Score: 9 Votes (Like | Disagree)
tgwaste Avatar
7 months ago

unless I am doing the math wrong, that's 415,000,000 in a year in interest that they would have paid to the account holders.
I got some change in there I get a pretty decent chunk in interest every month.

Doesn't sound that profitable to me.
When they are making 7-10% its quite profitable.
Score: 9 Votes (Like | Disagree)

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