[Software] Almost $1 Billion Deposited By Apple Card Owners in Just Four Days After Savings Account Launch

[XZoro™]

 

Apple introduced the Apple Card Savings Account last month which is now active and used by iPhone users. The latest addition was a huge success as it gathered a whopping $1 billion in deposits in its first four days of launch. At this point, the total has not been confirmed by the Cupertino giant of Goldman Sachs. Scroll down to read more details on the subject.

Apple's Savings Account gathered a whopping $990 million in funds only four days after the launch

According to Forbes, it contacted two anonymous sources to share the performance of the Apple Card Savings Account. To be exact, upward of $990 million has been estimated to be deposited in the Apple Card Savings Account. To break it down, the source suggests that on the first day of launch, around $400 million were deposited by users. Additionally, almost 240,000 new accounts have been opened by the end of the first week.

Since Apple has a large user base, it makes it easier for the company to reach users and for the users to take advantage of a feature built right into their iPhones If you are not familiar with the new addition, the Apple Savings Account is only available for users who are Apple Card holders. It allows them to deposit the Apple Cash from the Apple Card into the account. Other than this, users can also deposit additional funds from a checking account into their Savings Account.

 

 

The funds added to the Apple Card Savings Account will earn interest and gradually increase over the course of time. At this point, the company is offering a 4.15 percent APR which is higher than most of the banks. The interest rate is only one reason to deposit your funds with Apple. You also have the ease to open a new Savings Account and have the entire information transparently available on your iPhone all the time. You can open an account at any time with just a few taps. Furthermore, opening an account has no fee attached to it as well. However, the only caveat associated with it is that the funds can not exceed the $250,000 FDIC insurance limit.

 

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