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Apple Attracts Nearly $1 Billion in Deposits Within a Week of High Yield Savings Account Launch
Apple’s recently launched high yield savings account has reportedly attracted around $990 million in deposits within its first four days, according to two sources familiar with the matter, first reported by Forbes. The account, which offers an eye-catching 4.15% annual return, drew nearly $400 million deposits on its launch day alone. By the end of the first week, approximately 240,000 accounts had been opened. The account is available through a partnership with Goldman Sachs Bank USA.
The impressive annual return and the widespread use of iPhones are believed to be the main drivers for the account openings, particularly when the average bank is paying less than half a percent. Apple’s savings account is entering a fierce competition among financial institutions to attract and retain deposits following a series of bank failures. First Republic Bank is the latest financial institution to fail due to shaken confidence in the industry, with the bulk of its assets being acquired by JPMorgan Chase, including $92 billion in deposits.
Goldman Sachs is rapidly attracting consumer funds by tapping into Apple’s 2 billion iPhone owners. The new savings account is only available to holders of Apple’s credit card, Apple Card. Clients can open a savings account in less than a minute directly from their iPhone, and Apple Card spend rewards, called daily cash, are automatically directed into the high yield account.
The account balance and interest earned can be tracked through a dashboard integrated with Apple’s digital wallet. Prior to the Apple savings account, daily cash rewards were automatically deposited into Apple Cash, a prepaid digital card held in the iPhone’s digital wallet and issued by Green Dot Bank. Crone Consulting estimates that $3.8 billion is annually deposited into Apple Cash from the Apple Card, funds which will now make their way into the savings account. Apple High Yield Savings accounts cannot exceed the $250,000 FDIC insurance limit.
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Attivo Deploys Recordsure’s AI Technology to Evidence Its Ongoing Advice Compliance and Cut File Review Costs
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SEI Announces Strategic Partnership with Graphene
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Evertec Announces Closing of Controlling Stake in Tecnobank, Expanding Product Offering in Brazil
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$1,700 Lost per Australian to Fraud in 2025 Amid AI Advances and Peak Season Risks, According to Adyen
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The European Central Bank Selects Almaviva and Fabrick for Digital Euro Project
Almaviva, an Italian digital innovation Group, and Fabrick, a Sella Group company active in Open Finance at an international level, have been selected by the European Central Bank (ECB), as part of the Digital Euro project, to develop the mobile app and its technological infrastructure that will enable European citizens to use the European digital currency.
EXCLUSIVE: “The Advantage of Ancient Errors” – Tony Fish in ‘Discover Sibos 2025’
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EXCLUSIVE: “Game Changer” – Andy Lyons, Freemarket in ‘The Fintech Magazine’
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Binance Launches The Blockchain 100 Award to Honor Top Creators Driving Blockchain Innovation
Binance, the world’s largest crypto exchange by trading volume and users, today announced the inaugural launch of The Blockchain 100. This new annual awards show is designed to recognize and celebrate the most influential creators advancing blockchain education, innovation, and community engagement.
MAPFRE AM Appoints Ismael García Puente as the New Deputy Director of Investment Strategy
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Open Banking Startup Yavrio Named One of CNBC’s UK Top Fintechs 2025, Cementing Leadership in Enterprise Finance
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