Apple launches Apple Card savings accounts with 4.15% interest rate

Apple Card customers in the US can open a savings account and earn interest starting today. When the company originally announced the new financial product in OctoberApple said it couldn’t share the interest rate that would be paid on those accounts because rates fluctuate so much these days.

Starting today, Apple will offer an APY of 4.15%. It looks like a competitive offer when you look at the data from The bank rate — you can currently find savings accounts that offer an APY of 3.5% to 4.75%. The Company makes no promises regarding future interest rates. He can go up and down at any time.

Apple again partnered with Goldman Sachs for the banking function. Savings accounts are technically managed by Goldman Sachs, which means balances are covered by the Federal Deposit Insurance Corporation (FDIC).

This high-yield savings account was created specifically for Apple Card customers. When customers pay with their Apple Card, they get cash back on all their purchases. By default, all purchases earn you 1% cash rewards and 2% for all purchases made with Apple Pay. Purchases from select merchants unlock 3% rewards.

By default, customers receive daily cash rewards in Apple Cash, a pocket of money that appears in the Wallet app and functions more or less like a checking account. Your Apple Cash balance can be used to pay for things with Apple Pay, for your credit card balance, or to send money to friends and family. You can also transfer this balance to a regular bank account.

Starting today, Apple Card users can choose to deposit their daily rewards into their savings accounts. It’s a way to save money without having to think too much about it.

Your savings account is also accessible from the Wallet application. You can see your current balance, current interest rate, and your most recent transactions. From this screen, users can also manually add or withdraw money. The balance can be transferred to Apple Cash or a regular bank account.

“Savings helps our users get even more value from their favorite Apple Card benefit – Daily Cash – while providing them with an easy way to save money every day,” said Jennifer Bailey, vice president of ‘Apple Pay and Apple Wallet, in a statement. statement. “Our goal is to create tools that help users lead healthier financial lives, and creating savings in Apple Card in Wallet allows them to spend, send, and save daily money directly and seamlessly – all from one place.”

There are no fees associated with the Apple Savings Account. However, there is a maximum balance limit of $250,000.

Picture credits: Apple

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