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Apple Card savings account hits $10bn in deposits

By Dalvinder Kular

Deposits in Apple Card’s savings account by Goldman Sachs have grown to over $10 billion in deposits.

The high yield savings account, which launched in April, allows users to earn rewards when shopping with certain retailers.

Apple said that 97 per cent of customers choose to have these rewards deposited automatically into their savings account.

The company claims the Daily Cash rewards help users establish and build good savings habits.

Apple added that there is no limit to the amount of rewards users can receive.

“With each of the financial products we’ve introduced, we’ve sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “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.”

In January it emerged that the Goldman Sachs business which houses Apple’s credit card lost more than $1 billion in its first nine months of 2022. According to a regulatory filing, the bank’s Platform Solutions unit generated $1.2 billion in pretax losses. The filing shows that the drop accelerated each quarter.

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