Apple Savings Account Officially Launched with an Annual Interest Rate of 4.15%
On April 17th, Apple announced that the Apple Card savings account was officially launched. This feature allows Apple Card users to open a savings account with Goldman Sachs in the iPhone Wallet app and earn interest from their Daily Cash balance, with an annual interest rate of 4.15%. This feature requires an iPhone with iOS 16.4 or higher to be used.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet expressed that savings can help Apple users get even more value out of their favorite Apple Card benefit. Daily Cash — while providing the users with an easy way to save money every day. Apple’s 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.
After setting up the savings account, all future Daily Cash earned by the user will automatically be deposited into the account. The Daily Cash destination can also be changed at any time, and there is no limit to how much Daily Cash users can earn. To further increase their savings, users can deposit additional funds into their savings account from their linked bank account or their Apple Cash balance.
Users can also access an easy-to-use savings dashboard in the Wallet app. They can conveniently track their account balance and interest earned over a period of time. Users can also withdraw funds at any time through the savings dashboard by transferring the funds to their linked bank account or their Apple Cash card, with no fees required.
Goldman Sachs’ new savings account, which is fully free. It is built on the foundation of the financial wellness benefits already offered by the Apple Card. Users can earn 5 Daily Cash on every purchase and tools to encourage users to pay less Apple Card interest. All of these, while providing the privacy and security that users expect from Apple.