Apple Launches Apple Card Savings Account At 4.15% Rate

Apple partners with Goldman Sachs to launch a new savings account which offers a higher annual percentage yield (APY) of 4.15%. This is 10 times higher than the national average rate for any savings deposit.

According to the statement, a new account be easily set up, directly from Wallet Apps on Iphone, without fees, does not require minimum deposits and no minimum balance requirements and manage it.

The new savings account from Goldman Sachs is built upon the financial health benefits that Apple Card already offers, with absolutely no fees, daily cash on every purchase, and tools that encourage users to pay less Apple card interest - all, while offering the privacy and security users expect from Apple.

Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account, per the statement. The Daily Cash destination can also be changed at any time, and there's no limit on how much Daily Cash users can earn. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.

Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and earn interest earned. 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.

Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet said, "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.

She further added, "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."