Late last week, Apple CEO said the public’s initial response to the launch of the new Apple Card Savings Feature on the iPhone has been “incredible.”
Cook’s comments came on Thursday’s quarterly earnings call. Cook said both the new savings account and the new Apple Pay Later financing feature help customers to live a “healthier financial life,” adding that he is “very excited about the first days of both of them.”
Apple in April announced the immediate availability of its much-anticipated 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.
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’s credit card and savings account are available in the U.S. only.