Apple is leaving no stone unturned, be it iOS 17, retail expansion in India with launch of Stores or the latest Apple saving account!
Apple Card customers in the U.S. can open a savings account and earn interest through an Apple saving account.
A new financial product was announced by Apple back in October, it said that the due to the fluctuating interest rates, it could not share what interest rate would be paid out on these accounts.
Apple to Offer APY of 4.15% Through Apple Saving Account
However, as we speak, Apple is going to offer an APY of 4.15%. When one looks from the bank rates point of view, then this seems to be a competitive offering as the banks typically offer an APY of 3.5% to 4.75% from the savings account.
There are no commitments on the future interest rates as it could go up and down at any time.
For this banking feature, Apple has again partnered with Goldman Sachs, which technically manages the savings accounts. This means that balances are covered by the Federal Deposit Insurance Corporation (FDIC).
This high-yield savings account has been created specifically for Apple Card customers. When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases grant you 1% in cash rewards and 2% for all purchases made using Apple Pay. Purchases with select merchants unlock 3% in rewards.
By default, customers receive cash rewards every day into Apple Cash, a pocket of money that appears in the Wallet app and that works more or less like a checking account. Your Apple Cash balance can be used to pay for things using Apple Pay, for your credit card balance or to send money to friends and family members. You also can transfer this balance to a regular bank account.
Now, the Apple Card users can choose to deposit their daily rewards into their savings accounts. This will allow the users to save money without having to think too much about it.
The savings account shall be accessible from the Wallet app as well. In it, you can see the current balance, the current interest rate and your most recent transactions.
Users can also choose to manually add or withdraw money. The balance can be transferred to Apple Cash or a regular bank account.
Apple Savings Account to Help People Save Money
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in a statement that “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.”
Though there are no fees associated with Apple’s savings account. However, there is a maximum balance limit of $250,000.
There is no minimum balance required and the APY of 4.15% applies to any sized balance.
