Massive amount of funds reportedly poured into Apple high-yield savings accounts upon rollout
The high-yield savings accounts come with an 4.15% annual percentage yield
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A massive amount of funds reportedly got poured by Apple credit cardholders into the high-yield savings accounts offered by the tech giant with Goldman Sachs upon their rollout.
The amount of deposits the Apple savings accounts saw in the four days after they became available reached up to $990 million, Forbes reported Monday. The outlet cited a pair of anonymous sources for the figure.
A person uses an iPhone on Oct. 8, 2019 in New York. (AP Photo/Jenny Kane, File / AP Newsroom)
Apple’s plans to roll out the Goldman Sachs savings accounts to Apple Card users were first unveiled back in mid-October. Eligible individuals became able to set up theirs April 17.
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People reportedly started 240,000 of the accounts in the initial week they were offered. Almost 40% of the $990 million deposits came during the first day, according to Forbes.
The Apple logo adorns the facade of a retail store. ((AP Photo/Kathy Willens, File) / AP Newsroom)
Apple Card holders with the high-yield savings accounts are able to automatically put their Daily Cash cashback rewards into them, Apple said in an April press release announcing the availability of the accounts. On top of that, they can also move money from their linked bank accounts or Apple Cash card into them.
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The high-yield savings accounts from Apple and Goldman Sachs come with an 4.15% annual percentage yield (APY) rate. Bankrate found that savings accounts averaged a 0.24% APY nationally as of April 26.
In this photo illustration a Goldman Sachs Group logo seen displayed on a smartphone with a Goldman Sachs Group logo in the background. (Thiago Prudencio/SOPA Images/LightRocket via Getty Images / Getty Images)
There are no minimum deposits, minimum balance requirements or fees with the accounts, Apple said in April.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 222.72 | -0.73 | -0.33% |
| GS | THE GOLDMAN SACHS GROUP INC. | 596.29 | +69.25 | +13.14% |
Apple has had its Apple Card since 2019, with rollout in the U.S. taking place in August of that year.
FOX Business reached out to Apple and Goldman Sachs for comment.
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