Customers of Apple Cards in the US can open a savings account and begin earning interest right away. When the company originally announced the new financial product back in October, Apple said that it couldn’t share what interest rate would be paid out on these accounts because rates are fluctuating so much these days.
Apple will start providing an APY of 4.15% as of right now. According to statistics from Bankrate, you can now locate savings accounts that give an APY of between 3.5% and 4.75%, so it appears to be a competitive offering. Regarding future interest rates, the company isn’t making any promises. It might rise or fall at any time.
For the financial feature, Apple has once again teamed up with Goldman Sachs. Since Goldman Sachs is theoretically in charge of managing savings accounts, hence the balances are covered by the Federal Deposit Insurance Corporation (FDIC).
Apple Card’s savings accounts: You receive 1% cash back on all transactions by default and 2% for all Apple Pay transactions
Customers of Apple Cards are the only ones eligible for this high-yield savings account. Customers receive cash back on all purchases made with their Apple Card. You receive 1% cash back on all transactions by default and 2% for all Apple Pay transactions. Rewards of 3% become available with certain merchants.
Customers automatically get cash rewards each day in Apple Cash, which displays in the Wallet app and functions somewhat like a bank account. You can use your Apple Cash balance to pay for items with Apple Pay, settle credit card debt, or send money to loved ones. This balance may also be transferred to an ordinary bank account.
Users of the Apple Card have the option of depositing their daily rewards into their savings accounts as of right now. It’s a simple approach to saving money without giving it any thought.
The Wallet app also allows access to your savings account. You can view your most recent transactions, the current interest rate, and your current balance. Users can manually add or withdraw money from this screen as well. The balance can be transferred to Apple Cash or a regular bank account.