Apple's new Savings account might have already crossed $1 billion in deposits AppleSavings
Apple Savings may have just launched a couple of weeks ago, but that hasn’t stopped people from dumping a ton of money into it already., Apple Savings may have already crossed $1 billion in deposits. According to someone familiar with the product’s performance, it achieved around $990 million in deposits in the first four days and $400 million in deposits in the first day alone.
Apple Savings, which is currently exclusively available to Apple Card cardholders, offers an APY of 4.15%, a huge jump compared to traditional banks which many still offer less than one percent in savings accounts. Richard Crone, CEO and founder of payments firm Crone Consulting, said that many customers are moving deposits to fintech accounts like Apple’s in response to poor offerings elsewhere.
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