Apple’s New Savings Account Draws Nearly $1 Billion In Deposits In First Four Days
Apple’s freshly launched high yield savings account brought in as much as $990 million in deposits over its first four days, according to two sources familiar with the matter. On launch day alone, the savings account drew nearly $400 million deposits.
The account’s eye-catching 4.15% annual return, plus the ubiquity of iPhones, is likely the main driver for account openings, especially when the average bank is paying less than half a percent. By the end of launch week, roughly 240,000 accounts had been opened, one source adds.
This is pretty incredible!