Mizoram News Voice

In only four days, Apple's savings account receives contributions totaling about $1 billion

In the midst of a string of US bank collapses, including the most recent, First Republic Bank, the media claimed that deposits into Apple's new high-yield savings account had reached roughly $1 billion in only four days of its introduction.
According to Forbes, the Apple savings account, which offers an annual return of 4.15%, attracted contributions totaling about $400 million on the day it was launched.
According to the story, which cited sources, “by the end of launch week, roughly 240,000 accounts had been opened.”
Through a collaboration with Goldman Sachs, Apple offers its savings account.
The data pertaining to deposits and accounts, however, were not addressed by Apple or Goldman Sachs.
Last month, the tech giant introduced a new high-yield savings account with a 4.15 annual percentage yield (APY) for Apple Card holders.
“Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent — a rate that's more than 10 times the national average,” the business claimed.
Users may quickly set up and manage their Savings account straight from Apple Card in Wallet without any fees, minimum deposits, or balance limitations.
According to Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, “Savings helps our users get even more value out of their favourite Apple Card benefit 'Daily Cash' while giving them an easy way to save money every day.”
A connected bank account or an Apple Cash card may be used to withdraw money at any time, with no fees, using the Savings dashboard.

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