Apple’s high-yield savings account attracted as much as $990 million in deposits in the first four days of its launch, according to a report from Forbes.
The successful launch helped underscore Apple’s ability to further monetize its iPhone user base of more than 1 billion people. On the first day alone, Apple’s new savings account attracted nearly $400 million in deposits, according to the report, which cited two sources familiar with the matter.
With more than 240,000 high-yield savings accounts having been opened in the first four days of launch, that represents just 0.2% of Apple’s US iPhone users, based on estimates that there are about 120 million of them.
I own AAPL, but don’t follow all of its business aspects (I mainly focus on its content aspirations, as I find that segment the most interesting).
Therefore…I’ve been reading headlines like this, and I did take a look at the article, but…why does AAPL want to offer high-yield savings accounts to its members? Is the Apple Card a credit card?
If I understand any of this correctly, I assume the company takes no risk, and that Goldman pays out the interest and somehow makes a profit from the money. If this interest is deposited into Apple members’ accounts, is the hope that those members use that windfall to spend more on the ecosystem? Does AMZN do anything similar?
Personally the Apple Card never made sense to me. The savings account less so. Then again, I never thought they’d be a content creator either.