Apple savings account launches with 4.15% interest rate. The account is set to be a game-changer for the banking industry as it combines the convenience of a tech giant with the financial security of a bank.
On Monday 17th April 2023, Apple launched its Apple Card savings account. This account offers an annual yield of 4.15%.
People can set up an account from the wallet app on their iPhones and they also wouldn’t have to meet any minimum deposit or balance requirements. However, to open this savings account you need to have an Apple Card.
In its press release, Apple mentioned that there Daily Cash rewards that you earned through the Apple card will automatically be deposited to your savings account.
Daily Cash is an Apple Card reward program that gets the user up to 3% cash back on purchases. You can change the channel of receipt at any time or can add funds to your account to build on the earnings. This savings account of theirs has been launched through Goldman Sachs.
In comparison to the national average APY savings of 0.35%, Apple’s 4.15% is high. However, when you bring in conversation savings accounts offered by large credit unions, brick-and-mortar banks, and online banks then you can expect significant APY. To compare we can consider CIT Bank, Marcus by Goldman Sachs, Capital One, and Vio Bank.
CIT Bank gives APY of 4.75% on a deposit of over 5k dollars, Marcus by Goldman Sachs offers 3.9% APY with no minimum balance or monthly fees in place, Capital One’s savings account offers 3.5% APY with no minimum balance requirements to meet and Vio Bank offers 4.77% APY with no minimum balance requirements.
As Apple savings account launches with 4.15% interest rate, it is great news for those who have Apple Card. Apple Card users can manage their accounts through a dashboard in the Wallet app.
Here you can track your interest, account balance, and withdrawals. The feature is rolling out in the app as we speak and if you don’t see it yet then check back a little later.
Jennifer Bailey, vice president of Apple Pay and Apple Wallet shared, “Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day. Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”
The users won’t be charged any fee for any of the services mentioned above. The Apple card interest will only come down for the users and they will be offered privacy and security of the highest quality that Apple always gives to its users.
Source: Apple Newsroom