The savings account, linked to the Apple Card credit card, allows cardholders to save their daily rewards and earn a 4.15% interest per annum. According to the company, 97% of Savings customers have opted to receive their Daily Cash automatically deposited into their account since its launch.
When using their Apple Card for transactions, customers can receive cash back on all purchases. By default, a 1% cash reward is granted for all purchases, while using Apple Pay for transactions earns a 2% cash reward. Certain merchants offer a 3% cash reward for purchases made with the Apple Card. Additionally, there is no limit on how much daily cash can be earned daily
Asides the cashback, customers can also deposit extra funds into their savings account from a linked bank account or their Apple Cash balance.
In the first four days of the launch, users deposited a billion dollars in Apple’s savings account, as reported by Forbes.
“With each of the financial products we’ve introduced, we have 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,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. “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 are thrilled to see the excellent reception from customers both new and existing.”
Goldman Sachs says ‘pleased’ with Apple’s savings account amid break-up talks
Over the last few weeks, reports have surfaced stating Goldman Sachs is considering ending its partnership with Apple as they shift its focus away from consumer finance. But for now, the partnership remains in place, and the company has been pleased with the success of the Apple Card Savings program.
“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships.
Goldman Sachs’ Q2 2023 financial results show a 17% revenue increase from its Apple Card business, but the division also recorded a net loss of $672 million due to credit loss provisions and operating expenses.
The bank is in talks with American Express about acquiring Apple credit card and other linked services, as per a report from The Washington Journal. However, The Information reports that Amex is unlikely to take the deal, and it could be a lesser-known bank instead.
