Apple Card’s savings account hits $10b in deposits

The savings account is provided by Goldman Sachs

Apple Card’s savings account, offered by Goldman Sachs, has reached $10b in deposits since launching in April.  

The savings account allows Apple card users to grow their Daily Cash rewards.  

When Apple Card users buy something, they earn Daily Cash (cashback), on their purchases.  

Users can choose to put this cashback—and top up with additional money—into a linked savings account to earn interest, which currently has an APY of 4.15%.  

Jennifer Bailey, vice president of Apple Pay and Wallet, said the tech firm wants to improve users’ financial health with each product it introduces. 

She commented: “That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings.  

“With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day.

“We’re thrilled to see the excellent reception from customers both new and existing.” 

Liz Martin, Goldman Sachs’s head of enterprise partnerships, is pleased with the success of the savings account. 

She said: “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.”  

The accounts, available in the US, are managed from Apple Wallet. Users can withdraw funds from the savings account to a linked bank account or their Apple Cash card. 

Image: Apple  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.