In the first four days after its debut, Apple’s high-yield savings account received contributions totaling up to $990 million, according to a Forbes article.
The launch’s success served to highlight Apple’s capacity to further monetize its more than 1 billion iPhone users. According to the article, which claimed two persons familiar with the situation, Apple’s new savings account drew contributions of roughly $400 million just on the first day.
More than 240,000 high-yield savings accounts have been established in the first four days of the introduction, although that only amounts for 0.2% of the estimated 120 million US iPhone users, according to Apple.
Apple introduced a high-yield savings account last month as more and more people want to profit from the climate of high interest rates.
With no minimum deposit, no minimum balance requirement, and no fees, the savings account is offered to Apple Card members through its partner, Goldman Sachs. It provides a rate of 4.15%.
Apple provides something that few other high-yield savings accounts do: ease, despite the fact that its initial interest of 4.15% isn’t the highest. Because the savings account is integrated with the iPhone’s Wallet app, it is at least convenient for iPhone users who already have an Apple Card.
As the recent collapse of First Republic Bank rocks the industry and calls into question the overall stability of banking institutions that were once regarded as relatively safe and stable, many regional banks are likely jealous of the massive scale Apple enjoys combined with the convenience it is able to offer its customers.