April 25th, 2023, Christien Pheby
Apple and Goldman Sachs recently teamed up to launch a high-yield savings account. It’s a move that will allow consumers to deposit the daily cash rewards earned through the company’s Apple Card directly into a savings account in exchange for 4.15% APY – a rate which, per Buzzfeed, is “well beyond what you can get at most banks” – and one that serves as just the latest example of big tech companies moving into the banking space.
Data from YouGov Profiles and BrandIndex may demonstrate some of the commercial logic behind the move into savings. Apple customers are, broadly speaking, more likely to be interested in saving and investing money than the general US public.
Some 46% already have a savings account compared to 36% of the nation – so offering them the option to transition to a higher-yield product with a brand they’re already using could make sense. Apple customers are also more likely to say they plan to save more money next year than the general public (75% vs. 69%), and that they’re looking for profitable ways to invest money (59% vs. 53%) – among other things.
It's also a group that is more likely to consider itself financially secure (56% vs. 50%) and less likely to say it doesn’t see the point in savings accounts (22% vs. 26%).
Apple customers then, are more saving-oriented than the average member of the public – and one in six are in the market for a new savings account (17% vs. 13% of the public). Some 36% of Apple customers who are considering a savings account are aged 18-34 (vs. 30% of American adults, with 27% aged 35-49 (vs. 24%), 19% aged 50-64 (vs. 25%) and 18% aged over 65 (vs. 21%).
Many are already in the habit of putting money away for a rainy day – a third (34%) have over $5,000 in savings next to a quarter (26%) of the public. And if they aren’t currently in the habit, many of these customers could feasibly save some money if they so desired: 35% vs. 27% of the public have at least $500 in monthly disposable income, and 34% vs. 28% have over $60,000 a year in gross personal income (with 18% vs. 13% having over $100,000 per annum).
Our data also shows that half (49%) of Apple customers currently own stock compared to two in five (40%) of the general public. In uncertain economic times, the certainty of a higher-yield, lower-risk option could feasibly be appealing to both the tech brand’s existing user base – as well as the pool of customers Apple is yet to tap.
Looking at Apple Card specifically, BrandIndex data shows that it has, over the past three years – between 24 April 2020 – 24 April 2023 – grown in stature among the public: Impression scores (which measure overall sentiment), doubled from 3.4 to 7.7, Quality scores also jumped from 5.2 to 10.1, and Purchase Intent rose from 2.6 to 4.5. More importantly, Current Customer scores leapt from 1.5 to 6.0. On the evidence, a high-yield savings account might well help these scores increase even further.
Methodology
YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
Discover more banking and insurance content here
Want to run your own research? Run a survey now