The amount of deposits made so far into the high-yield savings accounts that Apple provides in partnership with Goldman Sachs have been disclosed by Apple.
In a news statement issued on Wednesday, the iPhone manufacturer estimated that the entire amount of deposits was above $10 billion.
Seamless Customer Experience with Savings
These monies accumulated throughout the nearly 3.5 months that owners of Apple Cards had the option of opening them, according to Apple.
Customers get an annual percentage return rate of 4.15% with savings accounts.
Furthermore, there are no fees, requirements for minimum deposits, or minimum balances associated with the accounts.
Customers who have Goldman Sachs savings accounts also benefit from a provision that automatically sends the Daily Cash cashback benefits they get from transactions into their accounts.
According to Apple, a large majority of people with savings accounts—97%—have chosen the automatic deposit option.
With a shared focus on creating a best-in-class customer experience that aids consumers in leading healthier financial lives.
We are very pleased with the success of the Savings account and will continue to provide seamless.
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Apple Card’s Unique Offerings Attract Thousands
worthwhile products to Apple Card customers, said Liz Martin, head of Goldman Sachs Enterprise Partnerships.
In the first week after being given them, more than 240,000 customers opened Apple savings accounts, according to a Forbes story from early May.
Over the course of the next four days, the accounts allegedly received $990 million in incoming money. A pair of anonymous sources served as the foundation for the outlet’s article.
According to a Wall Street Journal article from June 30, Goldman Sachs was reportedly in discussions with the investment company to perhaps dump its association with Apple Card as part of its efforts to reduce its consumer-facing business with American Express.
To FOX Business at the time, Goldman Sachs refused to comment.
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