On Monday, Apple introduced the Apple Card Savings Account, which offers a competitive annual percentage rate of 4.15%. According to Apple, there is no initial deposit or minimum balance needed to open an account with the Wallet app on an iPhone.
The savings account is accessible only to Apple Card holders.
All Apple Card Daily Cash rewards would be transferred to the savings account, the business announced in a news release. The Apple Card’s reward program, Daily Cash, gives you up to 3 percent cash back on purchases. Users have the option to modify the bank account into which their Daily Cash is deposited at any time.
Apple’s new savings account is being introduced by Goldman Sachs.
Apple’s APY of 4.15% is high in comparison to the national average APY on savings accounts of 0.35%, as reported by the Federal Deposit Insurance Corporation. The annual percentage yield (APY) offered by huge credit unions, online banks, and traditional banks is comparable.
If you deposit at least $5,000 into a savings account with CIT Bank, you’ll get an annual percentage yield of 4.75%. There is no minimum balance or service charge on Marcus by Goldman Sachs. The annual percentage yield is 3.9%. The 3.5% APY on the Capital One Savings Account requires no minimum balance to open. There is no minimum deposit required for a Vio Bank savings account, which pays an APY of 4.77%.
Apple Card savers will have access to a dashboard in the Wallet app from which they can check their account balance, view interest earned, and make withdrawals.
This functionality is currently being rolled out to iPhone users through the Apple Wallet app. If you don’t see it right away, refresh the app and look again later.