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17 Apr, 2023
1 min time to read

Customers of Apple Card in the United States are now able to establish a savings account and receive interest.

In October, when Apple announced its new financial product, the company refrained from disclosing the interest rate that would be paid out on the savings account, citing the current fluctuations in rates. However, as of today, the company is offering an APY of 4.15%, which appears to be a competitive rate compared to other savings accounts that offer an APY between 3.5% and 4.75%, according to Bankrate.

Apple has partnered with Goldman Sachs to manage the savings accounts, and the FDIC covers balances.

The high-yield savings account is exclusively available for Apple Card customers. Customers earn cash back on all purchases, with default cash rewards of 1% and 2% for all purchases made using Apple Pay. Select merchants offer 3% in rewards. The cash rewards are deposited every day into the Apple Cash pocket in the Wallet app, which can be used to pay for purchases, pay off the credit card balance, or transfer to a regular bank account.

Apple Card users can choose to deposit their daily cash rewards into their savings accounts, providing an effortless way to save money. The savings account is accessible from the Wallet app, where users can see their balance, current interest rate, and transaction history.

The savings account has no fees, but there is a maximum balance limit of $250,000.

In a statement, Jennifer Bailey, Apple's Vice President of Apple Pay and Apple Wallet, said that Savings in Apple Card is a tool that helps users get more value out of their daily cash rewards while providing an easy way to save money every day, aligning with the company's goal of building tools that help users lead healthier financial lives.