Apple Savings is a massive success as over a billion dollars deposited so far
That's a lot of savings accounts.
The Apple Savings account has only been open for four days, but users have already deposited a combined one billion dollars in accounts. In fact, according to a report from Forbes, as much as four hundred million dollars was deposited within the first day of the account being available.
You can see why so many are interested in the savings account, with some extra bonuses and great interest rates through Apple's partner in the venture, Goldman Sachs.
That's a lot of zeroes
With an impressive 4.15% interest rate on the account, along with a money-back system that gives you cashback when you spend at certain places, the Apple Savings account is a very competitive option in a struggling financial market. Its seamless integration into the iPhone is likely also a factor in its rapid growth, although you'll still need Apple's credit card, the Apple Card, in order to get a savings account.
This is further evidence that Apple wants to make the iPhone the center of someone's presence online. Rather than just a smartphone, the best iPhone looks to be what a user might use for everything, not just taking calls, messaging, browsing social media, and listening to music.
The savings account also manages to be a lot better than other accounts that you can choose from, the report from Forbes continues. It's got one of the highest interest rates that you'll find to go with a 'seamless user experience' through the Apple Wallet app, which lets you track the account balance and interest.
It'll be interesting to see where the Apple Savings account goes now – will it continue to see immense growth, or will it stall? As of the moment, there have been 240,000 accounts opened, and with two billion iPhone users, that gives some kind of hard limit to the number of accounts that can be opened, let alone in addition to the Apple Card limitation.
If you're wondering, we have also detailed how to sign up for an Apple Savings account.
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As the Buying Guides and Deals writer for iMore, Tammy puts over a decade of experience in finding the best prices of Apple products to work, helping you save money on the equipment that you want. An audiophile at heart, she loves all things audio and visual, but you’ll also find her drooling over the latest Macs and MacBooks. With a Masters in screenwriting, Tammy likes to spend her free time writing feature-length and TV screenplays or driving digital cars around virtual circuits, to varying degrees of success. Just don't ask her about AirPods Max - you probably won't like her answer.