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Apple’s latest venture into the world of finance, the Apple Card Savings Account, seems to be off to a hot start. According to a recent report from Forbes, the new account attracted almost $1 billion in deposits within the first four days of its launch. The report cites two anonymous sources and reveals that the account drew $400 million in deposits on its first day alone, which then grew to nearly $1 billion over the next three days.
The Apple Card Savings Account is only available to Apple Card users and was launched in the midst of intense competition amongst financial institutions to attract and retain deposits following a cascade of bank failures. Despite this, the account managed to open over 240,000 accounts by the end of the launch week.
While the average account balance was just over $4,000 as of the end of launch week, it is important to note that Apple Card Savings Account balances cannot exceed the $250,000 FDIC insurance limit. This success is impressive for just the first week of availability, and even more so when considering the exclusivity of the account.
Operated by Goldman Sachs, which is also Apple’s partner on the Apple Card itself, the account pays 4.15% in interest, which is significantly higher than the industry average. Both Apple and Goldman Sachs declined to comment when asked about the numbers, but it is likely that we will eventually hear some details about the Apple Card Savings Account when Goldman Sachs reports earnings and files the associated regulatory documents.
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The launch of the Apple Card Savings Account marks another step for Apple into the financial services industry, following the launch of Apple Pay and the Apple Card. With the success of the Apple Card Savings Account, it will be interesting to see what Apple has in store for the future of financial services.