Apple Card Savings Account Deposits Have Surged To $10 Billion, Likely Due To The Service’s 4.15 Percent APY

wccftech.com:

After reaching $1 billion in deposits in just four days, Apple Card Savings account deposits have now reached a new milestone of $10 billion, according to an announcement made by the company. While there were a few hiccups along the way in which depositors were having trouble withdrawing funds, it appears that Apple has ironed out the problems, regaining the trust of its customers.

According to Apple on its press release, 97 percent of Savings customers opted into having their Apple Card Daily Cash automatically deposited into the savings account. One major reason for those insane deposit amounts can be the annual rate the company offers, which is 4.15 percent, and according to the Califorina-based firm, it is more than 10 times the national average.

“Since the launch of Savings, 97 percent of Savings customers have chosen to have their Daily Cash automatically deposited into their account, enabling users to easily establish and continue cultivating healthy savings habits. There is no limit on how much Daily Cash users can earn, and to build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.”

Unfortunately, while there is a possibility that Apple Card Savings eventually gets supported in other regions, only U.S. customers have access to the service for now. Also, the $10 billion deposit does come as a surprise because, as most of you know, Apple Card Savings made was possible thanks to the partnership between Apple and Goldman Sachs, but the two companies’ business relationship might be in jeopardy because the bank was reportedly not making enough money to justify maintaining the service.

It is possible that Apple Card