The high interest rates offered by Apple Card Savings reportedly brought an enormous rush of deposits in the first days after the financial service became available in mid-April. The savings accounts for iPhone users pulled in nearly $1 billion in only the first four days.
And that was weeks ago, so it’s almost certainly well over the billion dollar milestone by now.
Users quickly jump on Apple Card Savings accounts’ generous interest rate
Money earned from Apple Card’s cash-back program can automatically go into a high-yield savings account. And it is high-yield — at 4.15%, the annual rate is about 10 times higher than the national average.
And account holders also have the option to transfer additional money from low-yield accounts at other banks into this one, which is actually administered by Goldman Sachs.
That seems to have happened a lot after Apple Card Savings debuted April 17. Forbes reports that $400 million went in on launch day, and the total reach $990 million after four days.
Get on the bandwagon
Users of Apple’s credit card get a percentage of every purchase back. It’s called Daily Cash and is added to the customer’s Apple Cash each day. It’s usually 1% or 2% of purchases.
This used to flow into Apple Cash, but now it can go into an account where it earns interest instead.
Apple Card holders who want to start earning 4.15% annual interest should read the Cult of Mac guide on how to sign up for Apple Card Savings.
But note that the service is for Apple Card holders only. People without this credit card cannot open a savings account with Apple.
