Apple has launched a new savings account in partnership with Goldman Sachs for Apple Card users (CNBC). The savings account, which can be set up on an iPhone, offers a 4.15% annual percentage yield (APY) and is insured by the Federal Deposit Insurance Corporation (FDIC) (CNBC). The account has no minimum deposit or balance requirements (NBC News) and can accommodate deposits of up to $250,000 (CNBC).
This move by Apple to enter the banking sector has been anticipated for some time now (USA Today Blueprint). With no fees and a high APY, the savings account is seen as a new feature to attract more customers to the Apple Card (Forbes). However, some experts suggest that Apple may be aiming to establish itself as a key player in personal finance, with the potential to expand into other areas such as loans and mortgages (CNBC).
To start utilizing the savings account, Apple Card users need to open the Wallet app on their iPhone and click on the “+” icon to add a new account. After accepting the terms and conditions, the account is ready to use (MacRumors). It is worth noting that the savings account is only available to Apple Card users (Forbes), who must have also undergone the necessary credit checks and approvals required to get the card in the first place (CNBC).
With the launch of this savings feature, Apple joins other tech companies that have ventured into the financial industry in recent years such as Google and Amazon, who offer payment services and loans respectively (CNBC). Apple’s move is seen as part of a broader trend in which companies are expanding their services outside of their primary areas of focus to become more diversified (Ars Technica).
Overall, Apple’s new savings account is an attractive option for Apple Card users who are looking for a high-yield savings account that is accessible directly from their iPhone. The company’s move into the banking sector is expected to create more competition in the personal finance market and may signal further expansion into other financial services in the future.
