Introduction
Apple Card has achieved a major milestone by surpassing $10bn in user deposits within four months of its launch. The savings account was introduced in partnership with Goldman Sachs, marking their continued collaboration since the inception of Apple Card in 2019.
Earning Potential
Customers who utilize Apple Card’s savings account can enjoy an annual percentage yield of 4.15% on their cashback, known as ‘Daily Cash’. This lucrative feature allows users to earn interest on their purchases, enhancing their financial well-being.
User Benefits
Apple’s Vice President, Jennifer Bailey, emphasizes the company’s commitment to revolutionizing the finance industry for the benefit of its users. The savings account offers several advantages, including no fees, no minimum deposits, and no minimum balance requirements. This user-friendly approach simplifies the process of saving money on a regular basis.
Cultivating Savings Habits
Apple’s strategy of automatically transferring ‘Daily Cash’ into users’ savings accounts has proven successful. According to the company, 97% of ‘Savings’ customers have opted for this feature. This approach intends to instill healthy savings habits and encourage financial responsibility among users.
Expanding Payment Offerings
In addition to the savings account, Apple recently introduced ‘Pay Later’, entering the ‘buy now, pay later’ market. This expansion demonstrates the company’s commitment to diversifying its payment options and catering to evolving consumer needs.
