Fintech & Ecommerce

Apple Card’s Savings Account Exceeds $10 Billion

Apple Card’s Savings Account Exceeds $10 billion.

Apple Card's Savings Account Exceeds $10 Billion

Last Wednesday, August 2, the technology giant published a press release, which also contains information that 97% of Savings customers have chosen to automatically credit cash rewards to their accounts.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, says that the company, as part of the development of each financial product, tried to rethink the category based on indicators of the material well-being of customers. She noted that this concept as a kind of ideological basis was fundamental during the launch of the Apple Card four years ago, and still continues to be a guideline.

The company’s press release contains information that the savings account allows Apple Card users to save money by accessing a high-yield APY of 4.15%. Also, this product is available without the need to pay fees, conditions for minimum deposits, and requirements for the size of the client’s balance.

A savings account can be set up and managed directly from an Apple Card in Wallet. Users can click on the Advanced option to find Daily Cash, then select the Set Up Savings option and then follow the instructions provided.

There is also a dashboard in the virtual wallet. This tool allows customers to track the account balance and the interest that is accrued after a certain period. Also, as part of this functional solution, users have the opportunity to withdraw funds to their Apple Cash account or a bank account that is linked to a digital wallet.

Liz Martin, head of corporate partnerships at Goldman Sachs, says that the investment company is pleased with the successful result of the savings account and continues to provide Apple Card users with uninterrupted and valuable products. Separately, she noted that in this case, general attention is paid to creating best-in-class customer service, which provides conditions for a healthier financial life.

The launch of the Apple savings account took place within the chronological boundaries of the era of conceptual changes in consumer behavior in the financial sector. Industry studies show that residents of the United States are showing an increasingly high level of determination in refusing to interact with traditional structures of the banking environment. Also, according to the results of these studies, it was revealed that consumers who have abandoned the practice of placing money in savings accounts with low-interest rates transfer their savings to virtual lenders, fintech companies, and other firms operating in the financial sphere.

As we have reported earlier, Goldman Sachs Reportedly Tries to Bail on Apple Card.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.