Apple Card’s Savings Account Reached $10 Billion in Deposits

Apple Newsroom:

Today, Apple announced that Apple Card’s high-yield Savings account offered by Goldman Sachs has reached over $10 billion in deposits from users since launching in April. Savings enables Apple Card users to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent.

Last week, in The Information:

As of earlier this year, the Apple Card had roughly 10 million users, according to a person with direct knowledge of the figure, which hasn’t been previously reported.

That works out to a nice even $1,000 average per Apple Card user. I’m guessing though, that the median is much lower, and the mean average is $1,000 because a smaller number of users have transferred large amounts to take advantage of the 4.15 percent interest rate. (I currently get 3.93 percent from TD Bank, so I just use my Apple Card savings account for my cash back rewards.)

Thursday, 3 August 2023