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In a resounding triumph for Apple, the tech giant revealed that its high-interest savings account for Apple Card has surpassed a staggering $10 billion in customer deposits. Launched in April, this savings account, in partnership with Goldman Sachs, has proven to be a smashing hit, and the official figures released by Apple today leave no doubt about its soaring popularity.
What sets this savings account apart is its highly competitive 4.15% interest rate, making it an attractive option for all Apple Card customers in the United States. Introduced back in 2019, Apple Card was designed with a commitment to providing simplicity, financial responsibility, and utmost privacy to its users. Unlike most other credit cards in the market, Apple Card doesn’t burden its users with membership fees, late fees, or any other hidden costs. The company’s ethos is clear – use the card responsibly, pay off your balance each month, and enjoy a fee-free experience.
Apple’s focus on financial well-being is evident in its user-friendly Wallet UI, which actively encourages healthy payment habits by clearly displaying the payment calendar to avoid any surprises related to upcoming interest charges.
But the allure of Apple Card doesn’t end there. With an enticing cashback rewards system, users can earn 1% cashback on purchases made with a physical card, 2% cashback on purchases using Apple Pay, and a generous 3% cashback on select retailer purchases, including those made at the Apple Store and on Apple services.
A particularly clever feature that sets Apple Card apart is the automatic transfer of Daily Cash rewards to the Savings account, a move embraced by a remarkable 97% of users. Moreover, customers have the freedom to transfer money from other bank accounts into their Savings accounts, contributing significantly to the impressive $10 billion milestone.
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Despite recent rumors hinting at a potential split between Goldman Sachs and Apple, the partnership remains strong for now. Reports suggested Goldman Sachs might be exploring a strategic shift away from consumer finance, but the resounding success of the Apple Card Savings account has kept the collaboration intact. Goldman Sachs’s Head of Enterprise Partnerships, Liz Martin, expressed their delight in the Savings account’s performance and reaffirmed their commitment to providing seamless and valuable products to Apple Card customers, empowering them to lead financially healthy lives.
On top of the Savings account, Apple’s innovative product team launched “Apple Pay Later” earlier this year. This exciting feature allows users to split their purchases into four separate payments, easing the burden of large expenses. Currently undergoing pre-release testing with a select group of Apple Card customers, the service will soon be made widely available to everyone.