Apple Launches Its Apple Card Savings Account with High Interest Rate

Apple Launches Its Apple Card Savings Account with 4.15% Interest Rate- Thebanksathi

Apple Card Savings Account

On April 19th, Apple launched its highly anticipated Apple Card savings account, available exclusively to Apple Card users. The account offers a competitive annual percentage yield (APY) of 4.15%, which is significantly higher than the national average of 0.35% reported by the Federal Deposit Insurance Corporation.

Apple Card Savings Account

Users can easily set up a savings account directly from their iPhone Wallet app without any minimum deposit or balance required. However, an Apple Card is required to open the account.

All Daily Cash rewards earned through the Apple Card will be automatically deposited into the savings account, making it easier for users to build up their savings. Daily Cash is the Apple Card reward program that offers up to 3% back on purchases. Users can also add funds from their bank account to their savings account at any time.

Apple Card Savings Account Interest Rate

The Apple Card savings account is launched in partnership with Goldman Sachs, a well-known financial institution. However, it’s not the only bank that offers high-interest savings accounts

CIT Bank offers a savings account with a 4.75% APY when customers deposit a minimum balance of $5,000. Marcus by Goldman Sachs has a 3.9% APY with no minimum balance or monthly fees. Capital One’s savings account has no minimum balance, and users can earn a 3.5% APY. Vio Bank offers a savings account with a 4.77% APY with no minimum balance.

Apple Card savings account users can easily manage their accounts through the Wallet app on their iPhones. The dashboard shows users their current balance, interest earned, and withdrawal options.

Apple Card Savings Account Release Date

The release date for the Apple Card savings account was April 19th and is available to all Apple Card users. With a high-interest rate and easy-to-use interface, the Apple Card savings account is a great option for anyone looking to save money.

Apple Bank Savings Account

Funds deposited into an Apple Card Savings Account are held by Goldman Sachs Bank USA, the bank that issues the Apple Card. However, some users may be wondering if they can open a savings account directly with Apple. Currently, Apple doesn’t offer its own savings account, but the Apple Card Savings Account serves as a way to access high-interest savings options through a partnership with Goldman Sachs.

How to Open an Apple Card Savings Account

If you’re an existing Apple Card customer, opening a savings account is easy. Simply open the Apple Wallet app on your iPhone, select Apple Card, and follow the instructions to set up your account. If you don’t have an Apple Card, you’ll need to apply for one before you can access the Savings Account feature.

In conclusion, Apple’s savings account launch shows the company’s commitment to financial services and helping customers improve their financial well-being. The high-interest rate, easy-to-use interface, and automatic deposit of Daily Cash rewards make it a top contender in the market. However, customers should compare it with other high-yield savings accounts to determine the best option for their financial goals.

Also read:- Trends In Mobile Banking And The Impact On The Banking Industry

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