$10 Billion Plus: Apple’s New Savings Option Rockets to New High

Apple (NASDAQ:AAPL), one of the largest Fintechs in the world, is reporting that its new Savings feature is now holding deposits of over $10 billion.

Apple Savings is being offered in partnership with Goldman Sachs (NYSE:GS). Long expected, Apple launched Apple Savings on April 17th of 2023.

As was previously reported, Apple apparently received over $400 million in deposits in a single day. After the first four days of availability, Apple Savings neared one billion dollars. Now, in just a few short months, Apple has multiplied that by about 10X.

While Apple Savings is very small in comparison to big incumbent banks, the growth rate is impressive.

Apple Savings benefits from a huge installed base of iPhones, one that continues to grow, and the exceptional simplicity of adding a savings account for a user. For anyone that holds an Apple Card (again in partnership with Goldman Sachs), click on a couple of buttons, and a savings account is created in under ten seconds.

Apple currently offers an interest rate of 4.15% – not the highest on the market – but a friction-free process encourages its legion of fans to tap into the feature. At the same time, the Apple Card pays out cashback that can be automatically deposited into the Savings account.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, issued a statement on the milestone, saying that with each Fintech offering, they have sought to “reinvent the category with our users’ financial health in mind.”

“That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings,” said “With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we’re thrilled to see the excellent reception from customers both new and existing,” said Bailey.

Apple shared that 97% of Apple Savings users were having their Daily Cash deposited into their savings accounts.

Liz Martin, Goldman Sachs’s head of Enterprise Partnerships, said they are very pleased with the success of the Savings account feature adding that they hold a common goal of “creating a best-in-class customer experience that helps consumers lead healthier financial lives.”

While Martin has voiced a positive comment on the partnership, there have been rumblings that Goldman is still struggling to figure out how it can monetize its retail offerings and embedded finance services.

As for Apple, you can expect more Fintech offerings going forward. Expectations are for a longer-term credit option beyond its current BNPL product. Also, it makes a lot of sense for Apple to offer an investment service for customers to buy and sell securities.


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