Apple’s
AAPL
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. The account is offered through a partnership with Goldman Sachs
GS
Bank USA. Goldman’s own high yield savings account housed under its consumer brand, Marcus, offers a 3.90% return, notably less than the Apple product. When asked about the deposit and account figures, Apple and Goldman Sachs declined to comment.
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