Starting today, you can open an Apple Card Savings account with an annual percentage yield (APY) of 4.15%.
We have been hearing rumors about this Apple Card Savings account recently, but now it's finally official in a blog post on the Apple Newsroom.
The main benefit of this account is the high APY. At 4.15%, Apple says that this rate is 10 times the national average. The account operates in partnership with Golden Sachs.
It's also good to know that the Apple Card Savings account comes with no fess, no minimum deposits, and no minimum balance requirements.
Apple Card holders can get between 2% and 3% cash back on purchases made via Apple Pay, and 1% cash back on transactions made with the physical card. So these Daily Cash balances will immediately go into the Savings account, so you can start earning interest.
Users also gets a neat dashboard right in the Wallet app, where they can track account balance and interest earned over time.
"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. Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place," said Jennifer Bailey, VP of Apple Pay and Apple Wallet.
Here is how you open a savings account in the Apple Wallet app:
Tap on the Apple Card
Tap on the circle with three dots at the top of the screen
Tap Daily Cash
Select Set Up Savings.
Users are also able to withdraw from the Apple Card Savings Account to a linked bank account with no fees.
Create a free account and join our vibrant community
Register to enjoy the full PhoneArena experience. Here’s what you get with your PhoneArena account:
Victor, a seasoned mobile technology expert, has spent over a decade at PhoneArena, exploring the depths of mobile photography and reviewing hundreds of smartphones across Android and iOS ecosystems. His passion for technology, coupled with his extensive knowledge of smartphone cameras and battery life, has positioned him as a leading voice in the mobile tech industry.
Recommended Stories
Loading Comments...
COMMENT
All comments need to comply with our
Community Guidelines
Phonearena comments rules
A discussion is a place, where people can voice their opinion, no matter if it
is positive, neutral or negative. However, when posting, one must stay true to the topic, and not just share some
random thoughts, which are not directly related to the matter.
Things that are NOT allowed:
Off-topic talk - you must stick to the subject of discussion
Offensive, hate speech - if you want to say something, say it politely
Spam/Advertisements - these posts are deleted
Multiple accounts - one person can have only one account
Impersonations and offensive nicknames - these accounts get banned
Moderation is done by humans. We try to be as objective as possible and moderate with zero bias. If you think a
post should be moderated - please, report it.
Have a question about the rules or why you have been moderated/limited/banned? Please,
contact us.
FCC OKs Cingular\'s purchase of AT&T Wireless
Things that are NOT allowed: