Apple Launches a High-Yield Savings Account for Apple Card Users
If you are an Apple Card user, you may be interested in a new feature that Apple has just launched: a high-yield savings account that pays 4.15% APY. This is a great way to grow your money and earn more rewards from your Apple purchases. In this article, we will explain how the Apple Card Savings account works, how it compares to other savings accounts, and how you can sign up for it today. 🍎
What is the Apple Card Savings account?
The Apple Card Savings account is a new option for Apple Card users who want to save money and earn interest. The account is provided by Goldman Sachs, the same bank that issues the Apple Card. The account has a high annual percentage yield (APY) of 4.15%, which means you can earn more interest than with most savings accounts. The national average APY for savings accounts is only 0.37%, according to the Federal Deposit Insurance Corporation (FDIC). Source
How does the Apple Card Savings account work?
The Apple Card Savings account is easy to set up and manage through the Apple Card in the Wallet app on your iPhone. You just need to have iOS 16.4 or later installed on your device. You can open the account with no minimum deposit and no monthly fees. You can also transfer money to and from your linked bank account or your Apple Cash balance with no fees. The maximum balance you can have in the account is $250,000. Source
How can you earn more rewards with the Apple Card Savings account?
One of the best features of the Apple Card Savings account is that it automatically deposits your Daily Cash rewards into the account. Daily Cash is a feature of the Apple Card that gives you up to 3% cash back on your purchases. By saving your Daily Cash in the account, you can earn interest on top of your rewards and grow your money faster. You can also deposit more money into the account from other sources if you want to save more. Source
How does the Apple Card Savings account compare to other savings accounts?
The Apple Card Savings account is a competitive option for savers who want to earn a high interest rate and enjoy the convenience of managing their account through their iPhone. The 4.15% APY is higher than most savings accounts, but not the highest available. Some online banks offer rates closer to 5.00% APY, but they may have different requirements or limitations. You should compare different savings accounts based on their features, fees, and customer service before choosing one that suits your needs. Source
How can you sign up for the Apple Card Savings account?
If you are interested in opening an Apple Card Savings account, you can do so by following these steps:
- Open the Wallet app on your iPhone and tap on your Apple Card.
- Tap on Savings and then tap on Get Started.
- Review and accept the terms and conditions.
- Link a bank account or use your Apple Cash balance to fund your savings account.
- Enjoy earning interest and rewards on your savings.
You can also watch this video tutorial from Apple for more guidance: How to set up an Apple Card Savings account.
The Bottom Line
The Apple Card Savings account is a new feature that lets you save money and earn interest with your Apple Card. The account pays a high APY of 4.15%, which is much higher than the national average. You can also earn more rewards by automatically depositing your Daily Cash into the account. The account is easy to set up and manage through the Wallet app on your iPhone. You can transfer money to and from your linked bank account or your Apple Cash balance with no fees. The account has no minimum deposit, no monthly fees, and no minimum balance requirements. The maximum balance you can have in the account is $250,000.
If you are looking for a convenient and rewarding way to save money with your Apple Card, you may want to consider opening an Apple Card Savings account. You can enjoy the benefits of saving money and earning interest with your favorite credit card. You can also compare different savings accounts to find the best one for your needs. 💰
Do you have any questions?
If you have any questions about the Apple Card Savings account or any other financial topic, feel free to ask me. I'm here to help you with your money matters. 😊
