U.S. Apple Card holders can open a savings account and earn interest today. Apple introduced the new financial product in October and claimed it couldn’t publish the interest rate because rates are shifting.
Apple offers 4.15% APY today. According to Bankrate, savings accounts with APYs of 3.5% to 4.75% are competitive. The company unpromises interest rates. It may fluctuate.
Apple again collaborated with Goldman Sachs for banking. In addition, the FDIC insures Goldman Sachs-managed savings accounts.
Apple Card holders get this high-yield savings account. All Apple Card purchases get cash back. All purchases earn 1% cash points, and Apple Pay transactions are 2%. Select merchants provide 3% rewards.
Apple Cash, a virtual checking account in the Wallet app, receives cash incentives daily by default. Apple Cash can be used for Apple Pay, credit card payments, and sending money to friends and family. Then, transfer this sum to a regular bank account.
Apple Card users can now put their daily earnings into savings. It saves money without much thought.
The wallet can access your savings account. See your balance, interest rate, and recent transactions. Manually add or withdraw money from this screen. Transfer to Apple Cash or a bank account.
“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Building Savings into Apple Card in Wallet enables users to spend, send, and save Daily Cash directly and seamlessly—all from one place.”
Apple’s savings account is free. The maximum balance is $250,000.