CUPERTINO, Calif.–Apple is reporting it has now crossed the $10 billion in deposits threshold with the new high-yield savings account it introduced in April of this year. The product is being offered in conjunction with Goldman Sachs.
Ninety-seven percent of users have chosen to get their Apple Daily Cash — a cash-back reward program — deposited into the account, the company said in a statement. The savings account is built into the Wallet app on iPhones and allows users to transfer money in and out like a traditional account, yielding 4.15% in interest.
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, Apple said in the statement.
“With each of the financial products we’ve introduced, we’ve sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallets, said in a statement. “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.”
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