'10x Interest' Power of Apple Savings Account... Over 1 Trillion Won Gathered in Just 4 Days

Explosive Response in the High-Interest Savings Account Market

Apple's high-interest savings account, launched last month, recorded deposits of $990 million (1.3 trillion KRW) within just four days of its release.

According to Forbes on the 1st (local time), Apple partnered with Goldman Sachs on the 17th of last month to introduce a savings account product offering an annual interest rate of 4.15%. This rate is more than 10 times the average interest on savings deposits and higher than the 3.9% interest offered by Marcus, a Goldman Sachs subsidiary, making it a hot topic. According to the Federal Deposit Insurance Corporation, the national average annual interest rate on savings deposits is 0.35%.

Apple Savings Account [Image source provided by Apple]

The market response was immediate. On the first day of launching the savings account, $400 million flowed in, and a total of 240,000 new accounts were opened within four days. The US IT media outlet AppleInsider stated, "Considering that Apple savings accounts can only be opened in the US, this shows tremendous market interest in the early stages of the launch."

Apple savings accounts can only be opened by Apple Card holders who have received credit approval within the United States. When an account is opened, the 'Daily Cash' rewards?up to 3% provided when using the Apple Card?are automatically deposited into the savings account.

When Apple introduced the savings account, the tech industry predicted that the savings account, used together with the digital wallet Apple Wallet and mobile payment Apple Pay, would create synergy for Apple's fintech business.

Apple sees financial services as helping to drive future growth. While financial services accounted for less than 10% of Apple's revenue in 2015, they now make up more than 20%.

However, Apple's expansion into financial services has not always proceeded smoothly.

The 'Apple Pay Later' service, which allows 'buy now, pay later' using the easy payment service Apple Pay, took a long time to launch until last month, and the savings account itself was released about six months after its announcement.

This content was produced with the assistance of AI translation services.