Key Takeaways:
- Apple has just introduced a new high-yield account with a 4.15% APY, the Apple Bank Savings Account.
- For the financial feature, Apple has teamed up with Goldman Sachs.
- Customers of Apple Cards are the only ones eligible for this high-yield savings account.
WISCONSIN (CoinChapter.com) — Apple has introduced a new high-yield savings account with an annual percentage yield (APY) of 4.15%.
The account has no minimum balance or deposit requirements. Users can create an account through the Wallet app. This new feature is part of the company’s drive into financial services.
Features of Apple’s New Savings Account
Apple’s APY of 4.15% is significant compared to the national average APY of merely 0.37%, as the Federal Deposit Insurance Corporation reported.
Additionally, users can withdraw money at any moment by going to the Savings Account dashboard on Wallet. This indicates that the account is very user-friendly and accessible.
Apple has teamed up with Goldman Sachs to offer a high-yield APY. Credit: Goldman Sachs
For the financial feature, Apple has teamed up with Goldman Sachs.
Since Goldman Sachs manages savings accounts, the Federal Deposit Insurance Corporation (FDIC) insures balances. As a result, users will feel much better knowing their balances are secure. Additionally, Apple and Goldman Sachs can offer customers simple savings account with a competitive APY.
Customers of Apple Cards are the only ones eligible for this high-yield savings account. They receive cash back on all purchases made with their Apple cards. In addition, one receives 1% cash back on all transactions by default and 2% for all Apple Pay transactions.
In addition, rewards of 3% become available with certain purchases. This indicates that holders of Apple Cards can benefit from the high APY on the savings account and cash-back rewards on their purchases.
How to Open a Savings Account with an Apple Card
Apple’s Wallet app is quite versatile. Credit: 9to5Mac
The iPhone Wallet app allows users to set up an Apple Bank Savings Account. They can then send money to the savings account from their bank account, debit card, or Apple Cash Account.
In addition, users can transfer money between the Apple Bank Savings Account and the Apple Cash Account with ease because the two accounts are connected.
The user-friendly design of the Apple Bank Savings Account makes it simple for consumers to monitor their balance, transaction history, and interest earned.
As a result, users can easily save money regularly by setting up automated payments to their savings accounts. The function is simple to set up and use, and it is accessible in the most recent release of iOS.
How Does Apple Bank Savings Account Fare?
Since most savings accounts have a much lower APY, users who want to save money and earn interest greatly benefit from the high APY. The savings account for Apple Cards is a wonderful addition to the business’s financial offerings.
