Apple has announced that deposits for its new Apple Card exclusive Savings account have already surpassed $10 billion.
Well, that didn’t take long. Like Threads before it, the network effect is at work for Apple’s new Savings account!
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.
