Apple’s recently introduced high-yield savings account received close to $1 billion in deposits within its first four days, with close to $400 million in deposits on the first day alone, claim sources with knowledge of the situation.
The account’s annual return of 4.15% is significantly higher than the less than 0.5 percent offered by the typical bank. During the launch week, about 240,000 accounts were opened.
Goldman Sachs Bank USA, which offers a lower return of 3.90% through its own high-yield savings account called Marcus, is a partner in the partnership that allows for the availability of the savings account.
Regarding the deposit and account numbers, neither Apple nor Goldman Sachs made any remarks. According to Richard Crone, CEO and founder of payments company Crone Consulting, savers are reportedly turning to CDs, money market funds, and fintech like Apple due to the lack of growth in traditional bank deposits or savings accounts.
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