Apple has revealed how many deposits the high-yield savings accounts it offers with Goldman Sachs have brought in to date.
The iPhone maker pegged the total number of deposits at more than $10 billion, according to a press release it released Wednesday. Those funds piled up over the course of the roughly 3.5 months in which Apple Card holders have had the option of opening them, Apple said.
With savings accounts, customers get a 4.15% annual percentage yield rate. On top of that, the accounts don’t have fees, minimum deposits or minimum balance rules.
Additionally, customers with the Goldman Sachs savings accounts have a feature that directs the Daily Cash cashback rewards they earn via purchases in their accounts automatically. A vast majority of those with the savings accounts – 97% – have gone with that automatic deposit option, according to Apple.
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“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,” Goldman Sachs Enterprise Partnerships head Liz Martin said.
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In early May, Forbes reported that the number of Apple savings accounts people had started in the initial week they were offered topped 240,000. The accounts reportedly saw incoming funds worth $990 million in the four days after they became available.
The outlet based that reporting on a pair of unnamed sources.
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A June 30 report by the Wall Street Journal suggested Goldman Sachs was negotiating to potentially offload its Apple Card partnership as it looks to scale back on its consumer-facing business with American Express in talks with the investment firm. Goldman Sachs declined to comment to FOX Business at the time.’
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Apple’s announcement on Wednesday of the $10 billion in savings account deposits came a day before the tech giant will publish and discuss its third-quarter results.
“On the savings account specifically, we are very pleased with the initial response,” CEO Tim Cook said during the May 4 second-quarter earnings call. “It’s been incredible.”
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He also said at the time that Apple thought it and Apple Pay Later “help customers live a better or healthier financial life.”
