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.
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.
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