On Monday, Apple announced a new high-yield savings account for its Apple Card users. This new savings account was launched in partnership with Goldman Sachs. What makes the new savings account special is its competitive annual percentage yield (APY) of 4.15%.
For your information, this APY is more than 10 times the national average for savings accounts. Additionally, the new feature allows users to grow their Daily Cash rewards through automatic deposits. This provides an easy way to save money every day. Furthermore, users can deposit their rewards into a high-yield savings account provided by Goldman Sachs through this feature.
Savings helps our users get even more value out of their favorite Apple Card benefit- Daily Cash- while providing them with an easy way to save money every day.
Jennifer Baily, Vice President of Apple Pay and Apple Wallet
According to a publication by Apple, users can access Apple Savings through the Apple Wallet. Moreover, Apple Savings has no monthly fees, no minimum balance and deposit requirements. To ensure the safety of the users, the feature is insured by the Federal Deposit Insurance Corp. (FDIC). While there is no minimum balance requirement for this type of account, users are allowed to have a maximum balance limit of $250,000.
BREAKING: Apple launches a high yield savings account.
Offering 4.15% interest rate.
Meanwhile, the average savings account interest rate in America is 0.37%.
Is Apple the new JPMorgan?
— Genevieve Roch-Decter, CFA (@GRDecter) April 17, 2023
Now that Apple Savings rolled out this high-yield savings account, it is competing with some of the U.S. top-yieldings savings accounts. Unlike Apple Savings, however, most savings account providers require a minimum balance to be activated. These elements make Apple an extremely attractive option for savers in particular. Nevertheless, we must mention that there are some other online accounts that offer slightly higher APY rates. Some of them are:
Apple Savings Can Be Accessed Through Apple Card in Wallet
Apple users will be able to set up and manage their savings account seamlessly through Apple Wallet. All they need to have is an Apple Card connected to their wallet. Now, users can easily locate and utilize the savings dashboard which provides them with an easy-to-use interface. The savings dashboard allows users to track their account balance as well as the interest earned until today. If that was not enough, Apple users can also withdraw funds at any time through the savings dashboard with no additional fees.
Goldman Sachs built upon the financial benefits that Apple Card already offers. With the addition of this high-yield savings account, the company might attract more users than some of the biggest companies in the financial sector.