Apple has announced that its new high-yield savings account is now available for Apple Card users in the United States. The account, provided by Goldman Sachs, offers a 4.15 percent Annual Percentage Yield (APY) (Apple). The account allows Apple Card customers to earn interest on their savings and grow their Daily Cash rewards (MacRumors).
There are no fees, no minimum deposits, and no minimum balance requirements when opening an Apple savings account, and up to $250,000 in deposits are insured by the Federal Deposit Insurance Corporation (FDIC) (CNBC). The launch of this savings account was long-awaited since it was first announced in October 2019 (TechCrunch).
Apple’s offering is competitive with other savings accounts, as it boasts a higher APY than many traditional banks. Comparatively, the average savings account interest rate in the United States is currently 0.05 percent (Investopedia).
To set up an Apple savings account, users need to open their Wallet app on their iPhone and tap on the Apple Card. They then select the “Apple Card Monthly Installments” option and tap “Continue” to start the application process (CNBC).
Apple’s savings account offering has been well-received by customers, and the company hopes it will attract more users to its financial services. It is part of Apple’s wider push into digital finance, which includes the launch of the Apple Card and the integration of Apple Pay into more stores (Engadget).
The launch of Apple’s savings account has made it clear that the technology giant is not content with just producing top-notch electronic devices, but instead is committed to providing more financial services for its customers, including investing and banking services (USA Today).
