The Apple Card savings account, which offers users a 4.15 percent annual percentage yield, was introduced by Apple (AAPL). (APY). Additionally, no fees, no minimum deposit, and no minimum balance requirement were mentioned in the release from Monday. The tech titan added that iPhone users may set up and manage their savings accounts using the Wallet app. One can open a savings account if they have an Apple Card.
Jennifer Bailey, vice president of Apple Pay and Apple Wallet, reportedly stated in a news release on the company’s website that this account would allow Apple users to save money every day and help them enhance the value of Daily Cash. Using just one location, users can “spend, send, and save Daily Cash directly and seamlessly.”
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Daily Cash is a rewards program from Apple. It offers up to 3 percent cash back on purchases. Daily Cash will be directly deposited in the user’s savings account. The savings account has been launched through Goldman Sachs.
Users of Wallet will receive an intuitive savings dashboard. The Savings dashboard allows users to manage their account balance, interest, and even make fee-free withdrawals by transferring money to an Apple Cash card or a linked bank account.
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According to the Federal Deposit Insurance Corporation, 0.35 percent is the average annual percentage yield across the country for savings accounts. Large credit unions, conventional banks, and internet financial institutions, however, provide competitive interest rates on savings accounts.
Here are some comparisons in case you’re curious how the Apple savings account compares to other savings accounts:
4.75 percent APY with a minimum deposit at CIT Bank $5,000
No monthly fees and a 3.9 percent annual percentage yield are offered by Marcus by Goldman Sachs.
3.5% APY with no minimum balance at Capital One
4.77 percent APY with no minimum amount at Vio Bank.
CWEB has provided some information for this story.
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