Apple Card customers in the U.S. can open a savings account and earn interests starting today.
Image Credit - Google
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
Image Credit - Google
As of today, Apple is going to offer an APY of 4.15%. It looks like a competitive offering when you look at data from Bankrate
Image Credit - Google
You can currently find savings accounts that offer an APY of 3.5% to 4.75%
Image Credit - Google
Apple has partnered with Goldman Sachs once again for the banking feature. Savings accounts are technically managed by Goldman Sachs
Image Credit - Google
When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases grant you 1% in cash rewards and 2% for all purchases made using Apple Pay
Image Credit - Google
By default, customers receive cash rewards every day into Apple Cash, a pocket of money that appears in the Wallet app and that works more or less like a checking account
Image Credit - Google
Your Apple Cash balance can be used to pay for things using Apple Pay, for your credit card balance or to send money to friends and family members
Image Credit - Google
Starting today, Apple Card users can choose to deposit their daily rewards into their savings accounts. It’s a way to save money without having to think too much about it.
Image Credit - Google
There are no fees associated with Apple’s savings account. However, there is a maximum balance limit of $250,000.