Last month, Apple launched a new savings account, offering a rate over 10 times higher than the national average - 4.15%. This APY is on par with some of the top high-yield savings accounts on the market currently, so it makes sense why so many people rushed to save their cash in the new Apple savings account.
On the first day of its launch, the high-yield saving account from Apple brought in almost $400 million in deposits, two unnamed sources told Forbes. They also said that in a matter of only four days, Apple’s high-yield account raked in almost $1 billion in deposits.
Apple’s new savings account is one of many institutions competing to attract deposits in the aftermath of several bank failures. Savings rates have been on the rise since last year, following a number of interest rate hikes from the Federal Reserve, and some of the top-earning high-yield savings accounts on the market are offering rates over 4%. Use our new tool, powered by Bankrate, to compare current interest rates on savings accounts today.
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In the report published by Forbes, another anonymous source revealed that roughly 240,000 Apple savings accounts were opened within a week of the account’s release, meaning the average account balance was a little over $4,000 at the end of the week. Apple’s savings account has a maximum balance limit of $250,000, which ensures all your cash is FDIC insured. Considering the account is only available for Apple Card users, this rate of success is impressive.
The Apple savings account, from Goldman Sachs, is designed to offer a “seamless” approach to managing your savings. In a press release introducing the account’s launch, Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet states, “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”
The account has no fees, no minimum balance requirements and no minimum deposit.
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