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3 Aug, 2023
1 min time to read

The milestone was reached within 107 days of the availability of Apple Savings.

The press release also disclosed that an impressive 97% of account holders are utilizing the feature to directly sweep their earned Daily Cash into their savings accounts.

Jennifer Bailey, Apple's Vice President of Apple Pay and Apple Wallet, emphasized the company's commitment to enhancing users' financial well-being. She mentioned, "With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we're thrilled to see the excellent reception from customers both new and existing."

Liz Martin, head of enterprise partnerships at Goldman Sachs, said the success of the savings account is in line with the company's goal of creating a first-class customer experience and supporting a healthy financial life.

However, the partnership hasn't been without its challenges for Goldman Sachs. In early 2022, a report revealed that Goldman Sachs incurred losses exceeding $1.2 billion, driven mainly by loan-loss provisions and the Apple Card.

Apple Savings offers users the ability to hold cash-back rewards or transfer funds from other banks. It stands out for its lack of fees, minimum deposits, or balance requirements. Managed by Goldman Sachs, the account boasts an attractive annual percentage yield (APY) of 4.15%.

The launch of Apple Savings was initially announced in October 2022 and saw a soft introduction in March 2023 when a reference to the feature was added to the Apple Card's terms and conditions. The official launch occurred on April 17, 2023,