Apple Card's Savings account exceeds $10 billion in US deposits

Apple announced on Wednesday that the Apple Card Savings account has reached over $10 billion in US deposits since its launch in April 2023. According to the firm, 97% of the Savings customers have opted to have their Daily Cash automatically sent to their account.

Growth of Apple Card’s saving account

Apple Card’s Savings account, which is offered by Goldman Sachs, offers an annual percentage yield (APY) of 4.15%. This is over 10 times the national average.

The offering allows users to make savings daily with no fees, no minimum balance requirements, and no minimum deposits. At the same time, it has no limit on the amount a Daily Cash user can earn. To build on its savings, one can deposit funds either from their Apple Cash or via a linked bank account.

Customers paying with their Apple Card also get cash back of 1% on their purchases and 2% on purchases made with Apple Pay. Purchases with specific merchants yields 3% in cash rewards.

In a statement, Apple’s vice president of Apple Pay and Apple Wallet, Jennifer Bailey stated, “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.”

Even with the strong figures, Goldman Sachs is seeking to end its partnership with Apple and pass the business to American Express. This as the investment bank shifts its attention from full-service consumer banking.