Apple Card’s Savings Account Is Now Available, Offering 4.15 Percent Interest

Apple Newsroom:

Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent — a rate that’s more than 10 times the national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet. [...]

Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.

If you shop around, you can find some accounts offering closer to 5 percent, but 4.15 is indeed a very good interest rate right now. There’s no catch here — it’s simply another reward for having an Apple Card. You just sign up in the Wallet app, and boom, your cash rewards go into the savings accounts and you start earning interest.

Tuesday, 18 April 2023