Apple Card’s New High-Yield Savings Account Offers 4.15% APY
Apple on Monday launched its Apple Card savings account with a 4.15% annual percentage yield. Apple says this rate is “more than 10 times the national average”, but there are several banks out there that offer better interest rates.
The new account has no minimum deposit or balance requirements, and users can set up an account from the Wallet app on their iPhones. Apple Card Savings Account allows you to automatically deposit your Daily Cash rewards into the account. This means that as you earn Daily Cash with your Apple Card, that money can be automatically deposited into the high-yield savings account in the Wallet app.
Daily Cash is the Apple Card reward program that offers up to 3% back on purchases. Users can change where their Daily Cash is deposited at any time, and they can also add additional funds from their bank account to build on their earnings.
Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.
The new Savings account from Goldman Sachs builds upon the financial health benefits that Apple Card already offers, with absolutely no fees,5 Daily Cash on every purchase, and tools that encourage users to pay less Apple Card interest.
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.