Apple has officially launched its new Apple Card savings account, which boasts an impressive 4.15% annual percentage yield (APY). In a move that aims to provide users with a lucrative option for growing their savings, Apple has partnered with Goldman Sachs to offer this high-interest savings account accessible through the Wallet app on iPhones.
One of the standout features of Apple’s savings account is that it requires no minimum deposit or balance, making it accessible to a wide range of users. To open an account, users must have an existing Apple Card, the company’s credit card offering, which has gained popularity for its unique features and benefits.
Apple has announced that all Daily Cash rewards earned through the Apple Card will be automatically deposited into the savings account. Daily Cash is a reward program that allows users to earn up to 3% cash back on their purchases. Users also have the flexibility to change where their Daily Cash is deposited at any time, and they can even add funds from their bank account to further build on their earnings.
When compared to the national average APY on savings accounts, which currently stands at a meager 0.35% according to the Federal Deposit Insurance Corporation, Apple’s 4.15% APY is notably high. However, it’s worth noting that there are other savings accounts offered by credit unions, online banks, and traditional brick-and-mortar banks that also provide competitive APY rates.
For instance, CIT Bank offers a savings account with a 4.75% APY, but requires a minimum balance of $5,000. Marcus by Goldman Sachs offers a 3.9% APY with no minimum balance or monthly fees. Capital One’s savings account has no minimum balance requirement and offers a 3.5% APY, while Vio Bank provides a 4.77% APY on its savings account with no minimum balance.
Managing the Apple Card savings account is easy, with users being able to access a dedicated dashboard within the Wallet app on their iPhones. This dashboard allows users to track their interest earnings, view their account balance, and even withdraw funds when needed.
The launch of the Apple Card savings account is expected to draw attention from consumers who are looking for a convenient and high-yield option for saving their money. As Apple continues to expand its financial services offerings, it is poised to further disrupt the traditional banking industry and provide innovative solutions for its loyal customer base.
The new savings account feature is currently rolling out in the Apple Wallet app on iPhones, and users are advised to check the app periodically if they do not see it immediately. With its competitive interest rate and user-friendly features, Apple’s foray into the savings account market is already generating excitement among consumers looking for new ways to maximize their savings potential.