In April 2023, Apple launched a new savings account, offering a rate well above 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. Since then, Apple's high-yield savings account has topped $10 billion in deposits.
In a press release from Apple, Liz Martin, Goldman Sachs’s head of Enterprise Partnerships stated: “We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives.”
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Savings rates on high yield accounts 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.
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. Users can set up and access the savings account with an easy-to-use dashboard in Wallet. After setting up a savings account, you can choose to have any Daily Cash earned from your Apple Card be automatically deposited into your account — which 97% of Apple card users have chosen to do. The account has no fees, no minimum balance requirements and no minimum deposit.
In the report published by Forbes earlier this year, 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 launch week.
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.”
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