Apple Card finally brings Savings account with 4.15% APY
Apple announced a Savings feature for Apple Card owners over six months ago, but it's only now that he feature is finally live. The Savings account will offer a 4.15% APY (Annual Percentage Yield) for all Apple Card clients in the United States, thanks to a partnership with Goldman Sachs.
The rate is over 10 times the national average, Apple revealed. The Federal Deposit Insurance Corporation website reveals the rate across the United States is 0.37% as of March 2023.
Previously the company offered Daily Cash - a cashback program. Users who pay with Apple Card get back 1% on all purchases, 2% if they are through Apple Pay, and 3% on money spent at the Apple Store and some partners like Uber or T-Mobile.
The Savings account has no fees, minimum deposits, or minimum balance requirements. However, to have an Apple Card, you still have to apply and get the approval for it.
Reader comments
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never put a money in the bank or trust a woman taking care of it
Dude, this sounds like a scam, 4.15% apy is unattainable in what state the world is now. It's like those cryptoscams that gave 10% or more apy if you put all your eggs in one basket. Seems like goldman sachs are in need of cash, maybe they a...
so Apple is basically becoming a bank? the high APY seems like bait to get a lot of funds and get more users, in the usual apple way to do everything soon they will screw their costumers in some way