Apple savings account: Here's how you can open high-yield savings account using your iPhone
Apple Savings Account: All you need to know
Apple savings account: Apple has announced a new high-yield APY (Annual Percentage Yield) savings account for its Apple Card users. The account offers an interest rate of 4.5%, which is over 10 times the national average, and is designed to help users grow their ‘Daily Cash’ rewards, as per a press release available on Apple’s official website.
Main features of Apple’s savings account
In addition to the high-interest rate, the savings account has no minimum balance requirements, no minimum deposit criteria, and no fees. Users can easily set up and manage their savings account directly from Apple Card in Wallet, making it a convenient and hassle-free option.
Watch:Apple launches its high-yield savings account with 4.15% interest rate
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, claimed that the goal of the new savings account is to build tools that help users lead healthier financial lives. The Savings account enables users to spend, send, and save Daily Cash directly and seamlessly, all from one place.
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How can you earn Daily Cash with an Apple card?
Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. Users can change their Daily Cash destination at any time, and there is no limit on how much Daily Cash users can earn.
To further build their savings account, users can deposit additional funds into their 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 interest earned over time.
How to withdraw money from an Apple Cash card?
Withdrawals can be made at any time through the dashboard of the account, by transferring them to a linked bank account or their Apple Cash card, with no fees. The new savings account is built by Goldman Sachs and builds upon the financial health benefits that Apple Card already offers.
The Kobeissi Letter, which is an industry-leading commentary on the global capital markets, stated that large banks must raise interest rates to remain competitive following the new savings account offered by Apple.
According to Kobeissi, a typical US savings account pays less than 0.50%. More than $500 billion has been taken out of US banks in the past month, which shows the US banking sector is facing tough times ahead. Against that backdrop, Apple’s new Daily Cash feature could really make a difference in USA’s financial market.
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