Digital Banking

Apple sees nearly $1B in deposits for savings account

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May 3, 2023

Apple has reportedly gained nearly $990 million in deposits in just four days in its high-yield savings account, which offers a 4.15% interest rate, according to a report by Yahoo! Finance.

The company launched the account last month as part of a collaboration with Goldman Sachs.

The account has no minimum deposits, balance requirements or fees and is integrated with the iPhone's Wallet app.

This news come on the heels of several high profile bank collapses, including First Republic Bank, which was acquired by JPMorgan Chase in a government-deal.