Apple Card Savings Account debuted two weeks ago, and it seems to be off to a hot start. A new report from Forbes today says that Apple Card Savings Account attracted nearly $1 billion in deposits in just the first four days…
The report, citing two anonymous sources, says that Apple Card Savings Account drew $400 million in deposits on launch day. Over the next three days, that bloomed to nearly $1 billion in deposits.
In terms of raw account numbers, the report says that over 240,000 accounts had been opened by the end of launch week. This suggests an average account balance of just over $4,000 as of the end of launch week. For further context, Apple Card Savings Account balances can’t exceed the $250,000 FDIC insurance limit.
As the Forbes report explains, this is impressive for just the first week of availability, especially when remembering that Apple Card Savings Account is only available to Apple Card users. The success also comes amid “competition amongst financial institutions to attract and retain deposits following a cascade of bank failures.”
Apple Card Savings Account is operated by Goldman Sachs, which is also Apple’s partner on Apple Card itself. The account pays 4.15% in interest, which is significantly higher than the industry average.
Apple and Goldman Sachs both declined to comment when asked about these numbers, according to Forbes. We’ll likely eventually hear some details about Apple Card Savings Account when Goldman Sachs reports earnings and files the associated regulatory documents. Apple, however, is unlikely to reveal any specific details.
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