Tech giant, Apple, has unveiled its first high-yield savings account, offering a 4.15% annual percentage yield (APY) to its Apple Card users through Goldman Sachs. According to CNBC(https://www.cnbc.com/2021/07/19/how-to-set-up-apples-new-savings-account-on-an-iphone.html), Apple users can now opt to grow their Daily Cash rewards with a Savings Account from the investment bank, with the account insured by the Federal Deposit Insurance Corporation (FDIC) for deposits up to $250,000. The Apple savings account, which requires no minimum deposit or balance, comes with no fees, making it a great option for those looking to save money with their Apple Card. Additionally, users can set up automatic transfers to their account from their Apple Pay Cash balance or a linked bank account to make saving effortless.
According to NerdWallet’s article(https://www.nerdwallet.com/article/banking/apple-high-yield-savings-account), the Apple savings account is not the highest APY offered in the market, but it is a competitive option in comparison to the national average of 0.05%. The account can be accessed via the Wallet app and is easy to set up, taking as little as five minutes to complete the process. Users can name and nickname their account to help organize their finances easily.
Apple’s implementation of a savings account adds to the company’s growing suite of financial services. As stated by Bankrate(https://www.bankrate.com/banking/reviews/apple/), Apple Pay, an e-wallet for use on Apple devices, has grown to be the second most widely used mobile payment service after PayPal, with the launch of their credit card, Apple Card in partnership with Goldman Sachs being another addition to their financial services. With the addition of the savings account, the company aims to provide customers with comprehensive financial services in a seamless and cohesive experience.
The demand for high-interest savings accounts has increased over the past few years, providing consumers with an option to grow their hard-earned savings at a better rate than traditional savings accounts(USA Today: https://www.usatoday.com/story/money/2021/07/19/apple-card-savings-account-interest-rates-over-4-percent/8009225002/). With no fees, no balance requirements, and a competitive interest rate, Apple’s savings account may draw many customers towards its offering. The account’s available APY of 4.15% is also an indication of increasing competition in the financial services industry and a testament to the growing demand for such accounts among consumers.
In conclusion, the launch of Apple’s savings account is proof of the company’s growing commitment to provide comprehensive financial services to its users. Its easy-to-use interface, competitive APY, and absence of fees and balance requirements make it a highly promising option for those looking to take advantage of a high-yield savings account.
