Apple Card’s Savings account by Goldman Sachs sees over $10 billion in deposits

Apple Card’s Savings account by Goldman Sachs sees over $10 billion in deposits

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Introduced in April, Goldman Sachs' Savings account connected to Apple Card has received over $10 billion worth of deposits.

Today, Apple revealed that the Savings account provided by Goldman Sachs through Apple Card has surpassed $10 billion in user deposits since its introduction in April. This feature allows Apple Card users to increase their Daily Cash rewards by saving money in a high-yield Savings account. The account, offered by Goldman Sachs, offers a remarkable Annual Percentage Yield (APY) of 4.15 percent.

Jennifer Bailey, Apple's VP of Apple Pay and Apple Wallet, explained how their aim has always been to redefine financial products to benefit users' financial well-being. This objective of prioritizing their customers' financial health was evident when Apple Card was introduced four years ago, and it continued to guide them when launching Savings. Jennifer highlighted that Savings offers a convenient method for users to save money daily, with no fees, minimum deposits, or balance requirements. Apple is delighted to observe the positive response from both new and existing customers.

After introducing Savings, a vast majority of Savings users, amounting to 97 percent, have opted to automatically transfer their Daily Cash into their own account. This convenient feature allows users to effortlessly establish and foster beneficial habits for their savings. There are no restrictions on the amount of Daily Cash that users can accumulate, and to enhance their savings even more, users have the option to deposit extra funds into their Savings account using a connected bank account or from their Apple Cash balance.

Goldman Sachs' Savings account amplifies the financial advantages provided by the acclaimed Apple Card. Integrated into Wallet on iPhone, the Apple Card has revolutionized the credit card experience through its streamlined application process, eradication of all fees,4 encouragement of reduced interest payments, provision of Apple's expected privacy and security features, and the provision of Daily Cash rewards for every purchase.

"We are extremely happy with the achievement of the Savings account as we persist in offering smooth, worthwhile products to Apple Card clients, with a mutual emphasis on establishing an exceptional customer journey that aids individuals in achieving better financial well-being," stated Liz Martin, Head of Enterprise Partnerships at Goldman Sachs.

Customers have the convenient option of effortlessly establishing and controlling their Savings account through the Apple Card in Wallet.

Customers have the option to effortlessly establish and handle their Savings account straight from the Apple Card located in the Wallet. To begin the process, individuals can open the Wallet app, access the Apple Card, click on the "More" tab, choose "Daily Cash," proceed to tap "Set Up Savings," and then simply follow the prompts displayed on the screen.

After getting everything ready, individuals will also be able to utilize a user-friendly Savings dashboard in Wallet that allows them to conveniently monitor their account balance and the accumulated interest. Furthermore, they have the option to withdraw funds via the Savings dashboard by transferring the money to a connected bank account or their Apple Cash account.5

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