Apple’s newly opened Savings Account feature garnered nearly a billion dollars in deposits just days after it launched.
Forbes reported that Apple has had an excellent week, with sources saying that around 240,000 user accounts were created and about $990 million were deposited in the first week. Apple Savings does not have the highest yield in savings, nor does it have the highest APY. However, it’s more convenient and readily available for Apple Card holders and users. Simplified sign-up is believed to push the adoption rate as well.
Apple Savings is powered by Goldman Sachs with the front end operated by Apple. Currently, the platform is only available in the US, but that might change in the near future. Crone Consulting CEO Richard Crone said that savers typically do not see an increase in traditional savings accounts and bank deposits, and that the outflow is to money market funds, fintech, and CDs.