Apple has officially launched its highly anticipated Savings account for Apple Card users, offering a compelling 4.15 percent annual percentage yield (APY). This Apple Bank For Savings initiative, powered by Goldman Sachs, is designed to effortlessly grow your Daily Cash rewards, providing a rate that significantly outpaces the national average. With no account fees, minimum deposits, or balance requirements, accessing a high-yield savings account has never been easier for Apple Card holders.
Alt: Apple Card Savings account interface displayed within the Apple Wallet app on an iPhone, highlighting the 4.15% APY and account balance.
“Savings empowers Apple Card users to extract greater value from Daily Cash – a beloved feature – while offering a straightforward path to cultivate everyday savings,” stated Jennifer Bailey, Apple’s VP of Apple Pay and Wallet. “Our commitment is to deliver tools that foster healthier financial practices, and the integration of Savings into Apple Card within Wallet facilitates seamless spending, sending, and saving of Daily Cash, all within a unified platform.”
Upon setting up a Savings account, all future Daily Cash earnings are automatically channeled into the account, though users retain the flexibility to modify this destination at any time. There are no caps on Daily Cash earnings, and to amplify savings, users can deposit additional funds from a linked bank account or their Apple Cash balance.
The intuitive Savings dashboard, accessible within Wallet, allows users to effortlessly monitor their balance and accrued interest. Withdrawals are equally simple, enabling users to transfer funds to a linked bank account or their Apple Cash card without incurring any fees.
This new apple bank for savings offering from Goldman Sachs builds upon the existing financial advantages of Apple Card, which already boasts zero fees, Daily Cash on every purchase, and resources to minimize interest payments – all while upholding Apple’s renowned privacy and security standards.
References
- Annual Percentage Yield (APY) is 4.15 percent as of 4/14/2023. APY may change at any time. Maximum balance limits apply. Savings is available with iOS 16.4 and later.
- Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 3/20/2023. See the FDIC website for more information.
- Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC. Savings is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
- Transfer limits apply to Savings transfers to and from Apple Cash. See the Deposit Account Agreement for more information regarding transfer limits.
- Variable APRs for Apple Card range from 15.74 percent to 26.74 percent based on creditworthiness. Rates are as of April 1, 2023. Apple Card is subject to credit approval, available only for qualifying applicants in the United States, and issued by Goldman Sachs Bank USA, Salt Lake City Branch.
