Home / News / Internet / Apple introduces savings accounts for its Apple Card with a 4.15% interest rate

Apple introduces savings accounts for its Apple Card with a 4.15% interest rate

Customers of Apple Cards in the US can open an Apple saving account and earn interest through it. Click here for more information about Apple’s new product. Because interest rates are fluctuating so much these days, Apple stated when it first announced the new financial product back in October that it was unable to share the interest rate that would be paid on these accounts.

Apple will start providing an APY of 4.15% as of right now. According to data from Bankrate, you can currently find savings accounts that offer an APY of between 3.5% and 4.75%, so it appears to be a competitive offering. Regarding future interest rates, the company makes no guarantees. It might rise or fall at any time.

For the banking feature, Apple has once again teamed up with Goldman Sachs. Since Goldman Sachs is technically in charge of managing savings accounts, the Federal Deposit Insurance Corporation (FDIC) insures any balances.

Customers of Apple Cards are the only ones eligible for this high-yield savings account. Customers receive cash back on all purchases made using 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 purchases.

Customers automatically receive cash rewards each day into Apple Cash, which appears in the Wallet app and functions roughly like a checking account. You can use your Apple Cash balance to pay for items using 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 way to save money without giving it much 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. Transferring the balance to Apple Cash or a standard bank account is an option.

According to Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, “Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while giving them an easy way to save money every day.” Savings into Apple Card in Wallet allows users to spend, send, and save Daily Cash directly and conveniently from one location. “Our goal is to build tools that help users lead healthier financial lives.”

Apple’s savings account has no fees attached to it. The maximum balance allowed is $250,000 though. There is no minimum balance requirement and the APY of 4.15% is applicable to all balance sizes.

Savings account for Apple Cards, explained:
What conditions must be met in order to open an Apple savings account?
The prerequisites listed below must be satisfied before you can open an account:

  • You are the owner or co-owner of an active Apple Card account.
  • You have an Apple Card added to your iPhone or iOS device.
  • You are at least 18 years old.
  • You have either a social security number or an individual taxpayer ID number.
  • You are a U.S. resident with a physical U.S. address.
  • You have set up two-factor authentication for your Apple ID with the latest version of iOS.

How do I open a saving account for my Apple Card?

  1. Open the Wallet app on your iPhone or iOS device and tap on “Apple Card.”
  2. Tap the More button, then tap “Daily Cash.”
  3. Tap “Set Up” next to “Savings,” and follow the onscreen instructions to the savings account application.

Either transfer money from another bank account or from your Apple Cash balance into your new savings account.

The FDIC insures the Apple Card savings account, right?
Yes, the FDIC provides balance protection. The Savings Deposit Account Agreement with Apple states:

The Federal Deposit Insurance Corporation insures deposits up to the standard maximum deposit insurance amount per depositor, per FDIC-insured bank, and per ownership category. In determining how much insurance is applicable to your Account, you need to consider all accounts that you hold with us. For more information, visit the FDIC’s website or call the FDIC directly at 1-877-ASKFDIC (1-877-275-3342). You can also refer to the FDIC’s Electronic Deposit Insurance Estimator (EDIE).

Are there any charges for an Apple savings account each month?
A savings account with Apple does not have any fees.

A minimum balance is required for an Apple Card savings account, right?
No minimum deposit is necessary to open an account or to earn the advertised APY.

Is an Apple Card required to open an Apple Card savings account?
Yes, as described in the Apple Card Customer Agreement, you must be the owner or joint owner of an Apple Card.

About Chambers

Check Also

The Air Force has abandoned its attempt to install a directed-energy weapon on a fighter jet, marking another failure for airborne lasers

The U.S. military’s most recent endeavor to create an airborne laser weapon, designed to safeguard …