Tech giant Apple has launched a high-yield savings account in collaboration with Goldman Sachs that allows Apple Card users to earn up to 4.15% annual yield, significantly higher than the national average interest rate in the U.S. Apple Card holders can transfer funds between their Apple Card and savings account easily, with no minimum deposits, no balance requirements, and no fees.

Users can also deposit up to $250,000 on the Apple Card’s savings account, and the account is managed by Goldman Sachs, letting the Federal Deposit Insurance Corporation cover balances up to $250,000. Real Research has launched a survey on Apple’s high-yield savings account for Apple Card users to ask the public’s opinion on this latest release.

Key Points:

  • 36.24% of respondents are uncertain about using Apple Card’s savings account, citing “interest rates” and “benefits” as key factors.
  • Nearly two-thirds (62.79%) of Apple Card owners highly likely to open Apple Card’s savings account due to existing relationship with Apple.
  • 40.69% highly likely to switch to Apple savings account as primary savings option.

As consumers increasingly look for innovative and convenient financial services, Apple’s launch of a high-yield savings account in collaboration with Goldman Sachs has captured the attention of many. With a competitive annual yield and no fees or balance requirements, the Apple Card savings account has the potential to disrupt traditional banking and attract a significant number of users. But will it live up to the hype?

The survey started by gauging the respondents’ level of awareness regarding Apple Card’s high-interest savings account. The results showed that 35.4% of the respondents were well-informed about it, while 32.77% had no knowledge of it. Meanwhile, 31.83% were only vaguely aware of its existence.

Respondents-awareness-of-Apple-Cards-savings-feature
Figure 1: Respondents’ awareness of Apple Card’s savings feature.

Next, the survey inquired whether respondents would be interested in opening an Apple Card savings account if it were available globally.

The survey results showed that 36.24% of respondents were unsure about opening an Apple Card’s savings account as their decision would hinge on factors such as interest rates and benefits offered. However, 35.72% of the participants responded positively, saying they would definitely consider opening an account.

On the other hand, 28.04% of the respondents preferred keeping their savings in a different type of account and would not consider opening an Apple Card savings account.

Apple’s Step Into Financial Services?

When asked whether Apple’s high-yield savings account represents its potential for long-term success, the survey revealed that 26.19% of respondents believed it would be highly successful, while 37.96% thought it would be somewhat successful. On the other hand, 22.43% of the participants believed it would be somewhat unsuccessful, while only 6.52% predicted a complete failure.

Meanwhile, 6.9% had no comment about this.

Apples-financial-service-success-in-the-long-run
Figure 2: Apple’s financial service success in the long run.

Survey Reveals Existing Relationship with Apple Card Increases Chances of Opening Savings Account

The results of the survey showed that almost half of the respondents (47.95%) owned an Apple Card, while the other half (52.05%) did not. Among the Apple Card holders, we further inquired if their existing relationship with Apple would increase their likelihood of opening an Apple Card savings account.

62.79% said it would be highly likely, 30.72% said somewhat likely, 5.11% said somewhat unlikely, and 1.38% said highly unlikely.

Reasons Why Respondents Would Not Open an Apple Card Account

We asked the survey respondents about the reasons why they would not prefer to open an Apple Card savings account. The findings indicated that 23.48% of the participants did not have a current need for a high-yield savings account. Another 12.71% mentioned that the interest rates or terms of the savings account did not meet their expectations or needs, while 12.43% expressed concern about the security of their personal information.

Additionally, 12.15% of the respondents said that they already had a savings account, and 11.33% reported that they were not familiar with the features and benefits of Apple’s savings account. 10.5% of the participants did not want to consolidate all their savings with a single company, and another 10.5% stated that they did not own any Apple devices. Lastly, 6.91% of the respondents mentioned that they did not trust Apple as a service provider.

Apple-Card-savings-account
Figure 3: Why respondents would not open an Apple Card savings account.

The survey concluded by asking respondents how probable it is for them to make Apple Card’s savings account their primary option for savings.

Also Read: Over 39% Willing to Pay $1000+ for Apple iPhones

40.69% answered that it would be highly likely and 35.71% said it would be somewhat likely. In contrast, 14.05% said it would be somewhat unlikely and 5.4% said highly unlikely. Lastly, 4.15% said that they were ineligible to apply.

Methodology

Survey TitleSurvey on Apple’s High-yield Savings Account for Apple Card Users
DurationApr 22, 2023 – Apr 29, 2023
Number of Participants10,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia, Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.