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Apple Card hits $10 billion in savings deposits

Apple Card hits $10 billion in savings deposits

Apple Card has hit $10 billion in deposits since its launch back in May. At launch, the high-yield savings account with Goldman Sachs, saw $990 million in deposits in just 4 days.

Apple Card

Apple Card hits $10 billion in savings deposits

The account has now seen more than $10 billion in deposits since launching in April.

The savings account offers a high-yield annual percentage yield (APY) of 4.15%.

Since the launch of Savings, 97% of customers have chosen to have their Daily Cash automatically deposited into their account, enabling users to easily establish and continue cultivating healthy savings habits.

There is no limit on how much Daily Cash users can earn, and to build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.

Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, providing the privacy and security users expect from Apple, and offering Daily Cash on every purchase.

“With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we’re thrilled to see the excellent reception from customers both new and existing,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

The post Apple Card hits $10 billion in savings deposits appeared first on Payments Cards & Mobile.

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