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Apple Card savings account hits $10bn in deposits

Apple Card savings account hits $10bn in deposits

The Apple Card's savings account has racked up more than $10 billion in deposits since launching in April.

The long-trailed Apple Card savings account from Goldman Sachs was launched in mid-April with a headline-grabbing 4.15% annual percentage yield - more than 10 times the national average, according to FDIC data.

All Daily Cash rewards earned through the Apple Card are automatically deposited into the savings account. Users can deposit additional funds through a linked bank account, or from their Apple Cash balance.

Apple now says that 97% of users have chosen to have their Daily Cash automatically deposited into their account.

“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,” says Jennifer Bailey, VP, Apple Pay and Apple Wallet.

Despite the impressive numbers, Goldman is reportedly seeking to exit its partnership with Apple as part of its retreat from the consumer market.

In June, the Wall Street Journal reported that Goldman wants to cut its ties with Apple and pass on the business to American Express. However, The Information reports that instead, Apple may bring much of Goldman's contribution - underwriting, fraud prevention and customer service - in-house while using a less well-known lender for regulatory reasons.

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