$1 billion and counting: The amount of money in Apple Savings accounts in four days

On April 17, Apple announced a new Savings account for Apple Card users in the US, in association with Goldman Sachs. Apple said that the Savings account comes with no fees, minimum deposits, or minimum balance requirements. Further, users can easily set up and manage their Savings account directly from Apple Card in Wallet.

A report by Forbes claims that Apple Savings has been quite a hit among Apple users in the US. According to the report, close to 2.4 lakh accounts were created in the first four days with close to $1 billion deposited. Apple Savings offers 41.5% APY or annual percentage yield, which the company claims is a rate that is 10 times the national average in the US.