Apple introduced a savings account generating nearly $1 billion after its launch
In just four days, the new product earned $990 million
Apple has launched a new savings account in partnership with Goldman Sachs, which offers a higher annual interest rate of 4.15% compared to Goldman Sachs’ own savings account, which has an annual interest rate of 3.9%.
In the first four days of the service, users contributed almost $1 billion, with $400 million invested by customers immediately after the product launch, and more than 240,000 accounts opened within a week.
To open a savings account with Apple, customers must have an Apple Card. All cashback earned from spending on the credit card will be directed to the savings account, up to the insurance limit of $250,000. The partnership between Apple and Goldman Sachs began in 2019 with the joint issuance of credit cards.
