In just 4 days, Apple’s High Yield Savings Account drew nearly $1B in deposits.
So now, Apple is also…a bank.
So why did over 240,000 Apple users deposited $990 million in Apple’s HY Savings Account?
The answer is high interest rate and the ubiquity of iPhones.
1. The high yield savings account is being offered to only to Apple’s credit card users through a partnership with Goldman Sachs, and provides 4.15% annual interest rate.
2. This high return is much higher than the 3.90% return offered by Goldman Sachs’ own savings account, Marcus.
3. Also, the high savings rate is in contrast to other banks, Apple’s savings account has quickly attracted savers who have seen little to no increase in traditional bank deposits or savings accounts.
4. Add to this the availability and prevalence of iPhone users and Apple credit card users who trust the Apple brand and would like to bank with Apple.
What are your thoughts on Apple’s disruptive High Yield Savings Account?
#fintech #apple #highyield #disruption
More reading: https://buff.ly/40SXYnL
