Apple’s savings service has reached a new milestone of $10 billion in deposits since it launched to the public.
The $10 billion mark was reached only after 107 days and announced on Wednesday. The report reveals that 97% of accounts had their Daily Cash transfer over to the savings account. Goldman Sachs’ head of Enterprise Partnerships Liz Martin said that the company is ‘pleased with the success’ of the service and promised to deliver valuable products to customers.
Apple VP of Apple Wallet and Apple Pay Jennifer Bailey said that the goal of Apple Card was to ‘reinvent the category’ with the user in mind. Bailey stipulated that Apple Savings doesn’t have any minimum deposits, minimum balance requirements, and fees, which allows users to save money daily. Goldman Sachs manages the service with a 4.15% APY offering.
Apple Savings launched in March this year after being announced in October 2022.
