Apple Introduces Savings Accounts for Apple Card Holders with 4.15% Interest Rate

Apple has launched a savings account for Apple Card users with an annual percentage yield (APY) of 4.15%. The account requires no minimum deposit or balance and is managed by Goldman Sachs. Users can set up an account directly from the Wallet app on their iPhones, which is linked to their Apple Card.

Apple Card’s Daily Cash program allows users to earn cashback on purchases, which is automatically deposited into the savings account. The account has a maximum limit of $250,000 and is FDIC-insured.

The savings account is an effort by Apple to promote healthy financial habits among its users. Vice president of Apple Pay and Apple Wallet, Jennifer Bailey, said that the goal is to build tools that help users lead healthier financial lives. Apple’s offering has a competitive APY compared to other savings accounts in the market, considering the national average APY for savings accounts is just 0.35%, according to the Federal Deposit Insurance Corporation.

Users can manage their savings accounts through a dashboard that appears in the Wallet app, where they can track their interest and account balance or withdraw funds. The account is rolling out inside the Apple Wallet app on iPhones now, and users can set up the account directly from their app.

Apple Card is known for its cashback rewards program, which offers up to 3% back on purchases. With the new savings account, users can earn interest on their cashback rewards, making it a convenient and easy way to save money. While there are other high-yield savings accounts in the market, Apple’s offering has the added benefit of being linked directly to users’ Apple Card, making it an attractive option for Apple fans.