It appears Apple has another hit on its hands, although it’s not a tech product in the strictest sense.
Apple recently unveiled a savings account as part of its ongoing move into the financial market, building on the success of the Apple Card. According to Forbes, customers deposited some $990 million in just four days, with one day accounting for $400 million alone.
The new savings account has some appealing features, not the least of which is a 4.15% annual return. Nonetheless, the sheer volume of movement Apple is seeing is a good indication it’s struck a chord with users.
“Banks have quickly responded to the Fed’s interest rate hikes with higher mortgage and car loan rates, but savers have seen little to no increase in traditional bank deposits or savings accounts,” Richard Crone, CEO and founder of payments firm Crone Consulting, told Forbes. “There’s an outflow to CDs, money market funds, and fintechs like Apple.”
