The savings account, linked to the Apple Card credit card, offers cardholders the opportunity to save their daily rewards and earn a 4.15% interest per annum. Since its launch, 97% of Savings customers have chosen to have their Daily Cash automatically deposited into their account.
When customers use their Apple Card for transactions, they can receive cash back on all purchases. By default, all purchases qualify for a 1% cash reward, but using Apple Pay increases the cash reward to 2%. Some merchants even offer a 3% cash reward for Apple Card purchases. Additionally, there is no limit to the amount of daily cash that can be earned.
Aside from cashback, customers can also deposit additional 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 $1 billion in Apple’s savings account, as reported by Forbes.
“With each of the financial products we’ve introduced, we have aimed to revolutionize the category with our users’ financial well-being in mind. That was our objective when we launched the Apple Card four years ago, and it remains our guiding principle with the introduction 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 effortless way for users to save money every day, and we are delighted to see the enthusiastic response from both new and existing customers.”
Goldman Sachs expresses satisfaction with Apple’s savings account amid potential separation discussions
Recently, there have been reports suggesting that Goldman Sachs may end its partnership with Apple as it shifts its focus away from consumer finance. However, for now, the partnership remains intact, and the company is 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 provide seamless, valuable products to Apple Card customers, with a shared focus on creating an exceptional customer experience that promotes healthier financial lives,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships.
Goldman Sachs’ Q2 2023 financial results indicate a 17% increase in revenue from its Apple Card business. However, the division also recorded a net loss of $672 million due to credit loss provisions and operating expenses.
The bank is currently in discussions with American Express regarding the acquisition of the Apple credit card and other related services, according to a report from The Washington Journal. However, The Information suggests that it is unlikely for Amex to consummate the deal, and a lesser-known bank may be the alternative.
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