Apple Introduces New Savings Account with Competitive 4.15% Interest Rate
Apple has unveiled its Apple Card savings account, offering an impressive 4.15% annual percentage yield (APY), significantly higher than the national average APY of 0.35% according to the Federal Deposit Insurance Corporation.
Apple has unveiled its Apple Card savings account, offering an impressive 4.15% annual percentage yield (APY), significantly higher than the national average APY of 0.35% according to the Federal Deposit Insurance Corporation. The savings account, which can be set up with no minimum deposit or balance requirement, is exclusively available to Apple Card users and can be easily managed through the Wallet app on iPhones.
All Daily Cash rewards earned through the Apple Card will be automatically deposited into the savings account, providing an additional avenue for users to grow their savings. Daily Cash is Apple Card's reward program that offers up to 3% cash back on purchases. Users also have the flexibility to change the destination of their Daily Cash deposits and can add funds from their bank account to further build their savings.
Apple has partnered with Goldman Sachs to launch the savings account, joining the ranks of other financial institutions offering competitive APYs. For comparison, CIT Bank offers a savings account with a 4.75% APY with a minimum balance requirement of $5,000, while Marcus by Goldman Sachs offers a 3.9% APY with no minimum balance or monthly fees. Capital One's savings account provides a 3.5% APY with no minimum balance requirement, and Vio Bank offers a 4.77% APY savings account with no minimum balance.
Users of Apple Card savings account can easily manage their accounts through a dedicated dashboard within the Wallet app, where they can track their interest earnings and account balance, as well as make withdrawals. The feature is currently rolling out within the Apple Wallet app on iPhones, and users may need to check the app again later if the feature is not immediately visible.
With its competitive APY and user-friendly features, Apple's foray into the savings account space aims to provide Apple Card users with a convenient and rewarding way to save and grow their funds.