Apple has widely expanded its range of offerings in the banking and financial services sphere in recent weeks. Earlier this month, it detailed plans for Apple Pay Later, and CivicScience data revealed nearly one-third of iPhone users are more likely to opt for it over another buy now, pay later service like Affirm or Klarna. And this week, Apple announced its new high-yield savings account, which boasts a 4.15% annual percentage yield and is available to Apple Card holders.
CivicScience gauged American interest in the new Apple savings account, and 14% of U.S. adults are at least ‘somewhat likely’ to open one, while 51% have either not yet heard of the offering or don’t use Apple products. But among U.S. adults who use Apple products and are aware, the former figure doubles to 28%, with 8% claiming they’re ‘very likely’ to open an account.
It’s primarily making waves among young Apple users. A majority of Gen Z adults who use Apple products and are familiar with the account claim they’re at least ‘somewhat likely’ to open an Apple Card savings account – and 17% in this age group clock in at ‘very likely.’ Interest levels are similarly high among Apple users aged 25-34 (40% at least ‘somewhat likely’), but the youngest Apple fans are more than twice as likely to open an account as Apple fans 35 and older.
Apple’s new savings account offering might also peel off some Apple users who’ve been planning to switch banks in the past month. Forty-seven percent of U.S. Apple users familiar with the account who’ve planned to withdraw funds and move them to a safer or more reputable bank in the past month are at least ‘somewhat likely’ to open an Apple savings account, with 17% registering as ‘very likely.’ The ‘very likely’ figure is even higher among Apple users who have already withdrawn money and moved it to a safer or more reputable bank (24%), so they might not be done shuffling funds around just yet.
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