via dnyuz:
Well, that didn’t take long. Like Threads before it, the network effect is at work for Apple’s new Savings account!
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In a press release, Apple announced that Apple Savings deposits have already crossed $10 billion, with the account only having existed for less than four months. In addition to deposits from externally linked accounts, Apple Savings also allows Apple Card customers to automatically deposit their Daily Cash to Apple Savings instead of their Apple Cash account. Incredibly, the company says that over 97% of customers chose this option.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in a statement that Apple Savings, like Apple Card, seeks to “reinvent the category with our users’ financial health in mind.”
“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. With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we’re thrilled to see the excellent reception from customers both new and existing.”
Liz Martin, Goldman Sachs’s head of Enterprise Partnerships, echoed Bailey’s sentiment, saying that the company is “pleased with the success of the Savings account.”
“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives.”
h/t Simian_Stacker