In the midst of a string of US bank collapses, including the most recent, First Republic Bank, the media reported that deposits into Apple's new high-yield savings account have reached as much as $990 million in just four days of its introduction.

According to Forbes, the Apple savings account, which offers an annual return of 4.15 percent, attracted contributions totalling about $400 million on the day it was launched.

"By the end of launch week, roughly 240,000 accounts had been opened," the report cited sources.

The Apple savings account is offered through a partnership with Goldman Sachs.

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Last month, the tech giant launched a new high-yield savings account for Apple Card users with a 4.15 percent annual return. With a return of just 3.90 percent, Goldman's own high-yield savings account, housed under its consumer brand, Marcus, is significantly less lucrative than the Apple offering.

"Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent — a rate that's more than 10 times the national average," said the company.

In contrast to First Republic, which failed after unheard-of deposit outflows, Goldman Sachs is quickly bringing in consumer cash by reaching two billion iPhone users worldwide.

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With no fees, minimum deposits, or minimum balance requirements, users can easily set up and manage their Savings account in less than a minute directly from Apple Card in Wallet.

"Savings helps our users get even more value out of their favourite Apple Card benefit 'Daily Cash' while providing them with an easy way to save money every day," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet.

Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.

(With IANS inputs)

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