Apple launches Apple Card's savings account

Apple has launched the Apple Card’s savings account for US users. The accounts will be managed by Goldman Sachs, which has been in partnership with the tech giant on this financial offering.

Apple Card’s savings account

Users of Apple Card within the US can now set up a savings account and earn interest from their savings. The offering was first introduced in October 2022.

Back then, the company did not stipulate the applicable interest rate. However, Apple has now stipulated that the annual percentage yield (APY) will be at 4.15%. In comparison, savings accounts like Barclays, UFB Direct, and CIBC Bank USA have APYs of 3.80%, 5.02%, and 4.27% respectively as highlighted by Bankrate.

By paying with the Apple Card, the customer gets cash back on the made purchases. Every purchase will yield 1% in cash rewards. By using Apple Pay or select merchants, the rewards will be at 2% and 3% respectively. The rewards will be added to Apple Cash daily. One can then deposit the cash in their savings account.

One will also be able to access their savings account via the Wallet app. Subsequently, the user can deposit or withdraw funds, check the balance, view the transaction history, and confirm the current interest rate. Besides, it will be possible to transfer money from the savings account to a typical bank account or Apple Cash.

Additional benefits of this financial product include the absence of fees. As it stands, the account’s balance limit is $250,000.

The vice president of Apple Pay and Apple Wallet, Jennifer Bailey has stated, “Savings helps our users get even more value out of their favorite Apple Card benefit - Daily Cash - while providing them with an easy way to save money every day. Our goal is to build tools that help users lead healthier financial lives, and building savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly - all from one place”.