Apple Card Savings Account Rolls Out With 4.15% Interest Rate
It took a while, but the high-yield savings account feature for the Apple Card is finally here.
Apple today began offering access to a high-yield savings account(Opens in a new window) for Apple Card users, which was originally announced back in October.
Cupertino also revealed the exact return users can expect to see. The savings account will offer an annual percentage yield at 4.15%. That’s over 10 times higher than the 0.37% national average for savings accounts, according(Opens in a new window) to the Federal Deposit Insurance Corporation.
Other banks offer similar or higher rates(Opens in a new window) than Apple’s. However, there are restrictions on withdrawals, how much you need to invest to receive the return, and a lack of ATMs to support convenient withdrawals. Apple’s savings account feature, built with the help of Goldman Sachs, promises to make access to high-yield savings accounts easy for those who already adopted the company’s credit card.
“With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet,” Apple said in the announcement(Opens in a new window). Indeed, some users have already signed up and say(Opens in a new window) the process takes less than two minutes to complete.
The money can be deposited from Apple Cash, the company’s answer to Venmo, along with linked bank accounts. In addition, the high-yield savings account can also hold a user’s cashback savings from Apple Card, also known as Daily Cash.
“Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account,” the company added. “The Daily Cash destination can also be
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