Apple’s new Apple Card Savings account program has proven to be quite popular with iPhone users in its four days. The new Apple-branded high-yield savings account saw up to $990 million in deposits during the first four days after launch, says a new report from Forbes.
Forbes came up with the $990 million figure by speaking with “two anonymous sources with knowledge of how the Apple Savings account performed.” However, that number has not been officially confirmed by either Apple or its financial partner Goldman Sachs.
Apple last week announced the immediate availability of its Apple Card Savings feature with an initial APY of 4.15%. The savings account has no fees, no minimum deposits, and no minimum balance requirements, and it can easily be set up and managed directly from Apple Card in Wallet.
During the first day alone, Apple Card owners deposited $400 million, and by the end of the week, approximately 240,000 accounts had been opened.
Apple Card users can open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance.
An easy-to-use Savings dashboard in Wallet allows users to conveniently track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.
Apple Card Savings users are allowed a maximum balance of $250,000, and balances are fully insured by the FDIC. Users can transfer money to their Apple Cash balance or to a linked external bank account, a process that Apple says can take 1-3 business days to be completed. There are no fees for withdrawals.
For additional information about the feature, read this Apple support document.