Friday, March 29, 2024

A terrifying start for “Apple” .. It attracted a billion dollars in “iPhone” savings accounts within 4 days.

Date:

Account numbers only account for 0.002% of iPhone users in the US

Published in:
Last Updated:

According to a report by Forbes, Apple’s high-yield savings account attracted $990 million in deposits in its first four days.

The successful launch helped underscore Apple’s ability to further monetize its iPhone user base of more than a billion people. On the first day alone, Apple’s new savings account attracted nearly $400 million in deposits, according to Forbes, citing sources reviewed by Al Arabiya.net.

More than 240,000 savings accounts were opened in the first four days of launch, just 0.002% of Apple’s US iPhone users, based on the latest estimates from the company’s installed base.

And as more customers seek to take advantage of the high-interest-rate environment, Apple introduced a high-yield savings account last month.

The savings account is available to Apple Card customers through its partner Goldman Sachs and offers a 4.15% yield with no minimum deposit, no minimum balance requirement and no fees.

While Apple’s starting yield of 4.15% isn’t too high for high-yield savings accounts, there are a few things Apple does: “convenience.” iPhone users who already have an Apple Card can integrate the savings account into the iPhone Wallet app.

See also  According to Reuters, Brent crude is above the $80 level after a wave of declines this week
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

iGym and the Youth Gym Culture in Dubai

In the dynamic city of Dubai, a new trend...

The Future of Gambling in the UAE: Economic, Legal, and Social Dimensions

The United Arab Emirates (UAE) is on the brink...

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...