Apple (AAPL) recently introduced an attractive annual return for Apple cards on its iPhones and deposits have increased exponentially. A popular business outlet reported that Apple had gained $990 million, four days after introducing a 4.15 percent annual return on its card
Two sources familiar with the matter told Forbes that the savings account of Apple attracted almost $400 million in deposits on the first day of the launch. The numbers kept growing and the tech giant had gained roughly $990 million in four days. Average banks in the nation pay less than half a percent but some fintechs pay more than the 4.15 percent offered by Apple. A source also told the outlet that approximately 240,000 accounts were added in the first week.
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Apple has offered its high yield savings account with giant bank Goldman Sachs. It is offering a larger interest than Sachs whose consumer brand Marcus gives depositors 3.90 percent interest which is lower than what is offered by Apple card.
Both Apple and Goldman Sachs declined to comment when asked by the outlet.
After the collapse of mid-sized banks in the nation, and the increasing bailouts and buyouts in the banking sector, the latest being First Republic Bank, there is strong competition among financial institutions to attract and retain depositors. Apple is entering the market in these circumstances and needs to offer more than the competition though it has a huge base of iPhone users. However, the seamless integration between Goldman Sachs and Apple Card is a plus for the tech company.
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Apple launched its high yield savings account in April. Customers can open an account using their iPhones. Those who already have an Apple card can integrate their accounts into the tech giant’s wallet. About 0.2 percent of Apple customers have already opened a high-yield savings account —HYSA. The tech company still has millions of customers it can continue to attract over time.
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