Wednesday, April 24, 2024

Newly Launched Apple’s Saving Account Records Nearly $1 Billion in Just 4 Days

According to sources familiar with the matter, Apple’s newly launched high yield savings account received almost $1 billion in deposits within its first four days, with nearly $400 million in deposits on the first day alone.

The account offers a 4.15% annual return, which is significantly higher than the average bank’s less than half a percent. Around 240,000 accounts were opened during the launch week.

The savings account is offered in partnership with Goldman Sachs Bank USA, which offers a lower return of 3.90% through its own high yield savings account called Marcus.

Neither Apple nor Goldman Sachs commented on the deposit and account figures. Due to the lack of increase in traditional bank deposits or savings accounts, savers are reportedly turning to CDs, money market funds, and fintechs like Apple, as per Richard Crone, CEO and founder of payments firm Crone Consulting.

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