Apple Card Users Can Now Open Savings Account With 4.15 Per Cent Interest
Apple's savings account has no minimum deposit or balance requirement.
Apple on Tuesday announced a new savings account exclusively for Apple Card users in the US, in association with Goldman Sachs. The account will provide a high yield of 4.15% annual percentage yield (APY). With the new savings account, Apple Card users can automatically deposit their Daily Cash rewards into a high-yield savings account managed by Goldman Sachs, resulting in growth in their savings.
The savings account has no minimum deposit requirement, no minimum balance requirement, and no fees, making it easy for Apple Card users to set up and manage their savings account directly from Apple Card in Wallet.
Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, stated that the savings account helps users derive more value from the Apple Card benefit, Daily Cash, while also providing an easy way to save money on a regular basis. Apple aims to create tools that enable users to lead a healthier financial life, and the savings account integrated into Apple Card in Wallet provides a way to spend, send, and save Daily Cash directly from a single location.
After creating a savings account, any future Daily Cash earnings will be automatically deposited into the account. Users can also transfer additional funds to their savings account from their linked bank account or their Apple Cash balance.
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Apple will provide users with an easy-to-use savings dashboard in Wallet, allowing them to track their account balance and interest earned over time. Users can also withdraw funds at any time by transferring them to a linked bank account or their Apple Cash card with no fees.
Apple Card users will now have the option to take advantage of a high-yield savings account that can help them grow their savings and enhance their overall financial well-being.
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