For those who came in late, Apple Pay is backed by Goldman Sachs and goes after those who want a high-yield savings account. Last month, the company saw $990 million in deposits in less than a week, per Forbes’ sources. In that time, 240,000 accounts signed up for the service.

New savings accounts cannot exceed $250,000 per the Federal Deposit Insurance Corporation’s insurance limits. This means each user is depositing several thousand dollars into their new accounts in Apple’s dream.

Given the state of US banking this is a risky and highly competitive business, of which Apple has as much experience as many of our readers. Goldman Sachs picked up the rotting corpse of First Republic Bank last week.

Still, Apple has its chums in the Tame Apple Press to say how wonderful it is and most of the reports talk about how easy it is to open an account and how good the 4.15 per cent interest rate is.