Apple's high-yield savings accounts brought in over $10 billion worth of deposits

Apple's high-yield savings accounts brought in over $10 billion worth of deposits

Apple's Own Version Of ChatGPT

In a recent interview on the show 'Varney & Co.', Adam Johnson, the Portfolio Manager of the Bullseye American Ingenuity Fund, delves into the reasons behind the fast-paced sale of Netflix and Tesla stocks. Additionally, he emphasizes his unwavering decision to hold onto his Apple stock indefinitely.

Apple's high-yield savings accounts brought in over $10 billion worth of deposits - Figure 1

Apple has disclosed the number of funds received so far through its partnership with Goldman Sachs for the high-interest savings accounts.

Apple, in their official statement yesterday, stated that the overall deposits amassed for their Apple Card surpassed $10 billion. These deposits were collected during the span of approximately 3.5 months, offering Apple Card holders the opportunity to make use of this feature.

Customers are offered a 4.15% annual percentage yield rate when they open savings accounts. Moreover, these accounts do not involve any charges, obligatory initial deposits, or requirements for maintaining a minimum balance.

Apple has disclosed the number of initial payments it has received from customers for its high-return savings accounts provided in collaboration with Goldman Sachs.

Furthermore, customers who possess a savings account with Goldman Sachs have the ability to effortlessly allocate the cashback rewards they receive from their daily purchases directly into their accounts. Apple reports that an overwhelming majority of these savings account holders, specifically 97%, have opted for this automatic deposit feature.

Apple's high-yield savings accounts brought in over $10 billion worth of deposits - Figure 2

Apple has joined forces with Goldman Sachs to collaborate on a lucrative savings account that offers a generous return on investment.

"We are extremely happy with the triumph of the Savings account as we persistently provide effortless, worthwhile offerings to customers of Apple Card, with a common emphasis on establishing an unparalleled customer journey that assists individuals in leading more robust financial lifestyles," expressed Liz Martin, the head of Enterprise Partnerships at Goldman Sachs.

According to a report by Forbes in early May, over 240,000 individuals opened Apple savings accounts during the first week they became available. (AP Photo/Jenny Kane/File / AP Newsroom)

During the beginning of May, Forbes shared information stating that over 240,000 individuals registered for Apple savings accounts within the first week of their launch. It was reported that these accounts received deposits amounting to approximately $990 million in just four days after becoming accessible.

The publication relied on information from two unspecified sources.

Apple's high-yield savings accounts brought in over $10 billion worth of deposits - Figure 3

According to a statement issued on Wednesday, the company responsible for producing iPhones revealed that the total amount of deposits exceeded $10 billion.

According to a report from the Wall Street Journal on June 30, Goldman Sachs was reportedly in discussions to possibly transfer its Apple Card partnership. This move would be a part of their strategy to reduce their focus on consumer-oriented operations. Talks were said to be underway with American Express. However, when approached for comment, Goldman Sachs did not provide any information to FOX Business.

Apple has achieved a remarkable milestone as its market capitalization reaches a staggering $3 trillion. However, there are potential modifications on the horizon for its credit card, according to a recent report.

On Wednesday, Apple made a statement about their $10 billion worth of funds stored in savings accounts, just a day before they were scheduled to release and talk about their third-quarter earnings.

CEO Tim Cook expressed his satisfaction with the initial response to the savings account, particularly during the second-quarter earnings call on May 4th. He further mentioned that the response has been outstanding.

According to reports, Apple's Chief Executive Officer, Tim Cook, has allegedly been denied an Apple Card in the past.

Additionally, he stated during that period that Apple believed both Apple Pay Later and their concept would assist in enhancing customers' financial well-being and overall quality of life.

Eric Revell made a contribution to this report.

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