Apple Card Launches High-Yield Savings Account With 4.15% APY
Apple has launched a new high-yield savings account feature for its Apple Card users. The account offers a 4.15% APY, which is over ten times the national average. The savings account feature, created through a partnership with Goldman Sachs, allows users to grow their Daily Cash rewards without requiring fees, minimum deposits, or minimum balance requirements.
The Vice President of Apple Pay and Apple Wallet, Jennifer Baily, stated that the new feature helps users get more value from their favorite Apple Card benefit, Daily Cash.
Additionally, it provides users with an easy way to save money daily. According to Jennifer Bailey, the Vice President of Apple Pay and Apple Wallet, the intention is to create tools that assist users in developing better financial habits. By integrating savings into the Apple Card in Wallet, users can conveniently spend, send, and save Daily Cash, all in one place.
After setting up the savings account, users can enjoy the convenience of having their Daily Cash earnings automatically deposited. Additionally, users have the flexibility to change their Daily Cash destination at any time. They can deposit additional funds into the savings account through a linked bank account or from their Apple Cash account.
The high-yield savings account feature builds upon the financial services ecosystem that Apple is creating. By combining the security of the company with the financial help of a financial institution like Goldman Sachs, Apple is providing its users with a new way to save and grow their money.
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