Apple Card Saving Accounts Offered by Goldman Sachs Cross $10 Billion in Deposits

The savings account provided by Goldman Sachs (GS) through Apple (AAPL) card has surpassed $10 billion in deposits since it was introduced in April, as stated by the iPhone manufacturer.

By offering a remarkable annual percentage yield (APY) of 4.15%, which surpasses the FDIC's most recent national average of 0.42%, the Apple Card presents a fantastic opportunity for users to accumulate greater interest. Additionally, our selection of the top high-yield savings accounts across the country provides users with various alternatives to enhance their earnings.

Since the commencement of the account, an overwhelming majority of 97% of the individuals in possession of the account have chosen to transfer the monetary benefits received through Apple's Daily Cash program into their personal savings accounts.

The Apple Card comes with zero charges, no need to make a minimum deposit, and no requirement for maintaining a minimum balance. It also enables users to conveniently handle their savings account with Goldman Sachs, all within the Apple Card in Wallet. Users have the freedom to add more funds to their savings account, up to a maximum limit of $250,000, by linking their bank account or utilizing Apple Cash.

Apple's venture into the world of savings is just one of the many methods it is using to expand and broaden its sources of revenue, especially after experiencing a decrease in smartphone sales. Additionally, the Federal Reserve's decision to raise interest rates in order to tackle inflation has resulted in loans becoming more costly for borrowers. However, this has also resulted in an unprecedented increase in returns on savings accounts and certificate of deposits (CDs), ultimately leading to a substantial increase in the popularity and demand for these financial products.