Apple reportedly attracted $1 billion in deposits into its new high-yield savings account in just 4 days

• Apple gained nearly $1 billion in deposits into its new high-yield savings account in just four days, according to a Forbes report.

• The iPhone maker launched a HYSA last month, offering its Apple Card customers a 4.15% yield.

• On the first day of launch, Apple gained nearly $400 million in deposits.

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 0.002% of Apple’s US iPhone users, based on recent estimates of the company’s installed base.

Apple launched a high-yield savings account last month as more and more consumers seek to take advantage of the high interest rate environment.

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

While Apple’s starting yield of 4.15% isn’t the highest for a high-yield savings account, there is something Apple offers that few others do: convenience. At least, convenience for iPhone users who already have an Apple Card, as the savings account integrates into the iPhone’s Wallet app.

The massive scale Apple enjoys, combined with the convenience it is able to offer its customers, is something many regional banks are likely envious of right now as the recent collapse of First Republic Bank rocks the sector and questions the overall stability of banking institutions that were once thought of as relatively safe and stable.

Read the original article on Business Insider