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Apple launches its savings account with 4.15% interest rate
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Apple launches its savings account with 4.15% interest rate
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Tech


APPLE LAUNCHES ITS SAVINGS ACCOUNT WITH 4.15% INTEREST RATE

Published Mon, Apr 17 202310:07 AM EDTUpdated Mon, Apr 17 20232:05 PM EDT
Ashley Capoot@ashleycapoot
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Key Points
 * Apple on Monday said its Apple Card savings account is now available to users
   with 4.15% annual percentage yield.

In this article

 * AAPL+1.32 (+0.80%)

Follow your favorite stocksCREATE FREE ACCOUNT
Apple savings account
Apple

Apple on Monday launched its Apple Card savings account with a 4.15% annual
percentage yield. It requires no minimum deposit or balance, Apple said, and
users can set up an account from the Wallet app on their iPhones.

Users must have an Apple Card in order to open the savings account.




RELATED INVESTING NEWS

Apple’s new financial product strengthens its ecosystem — and our investment
case
Kevin Stankiewicz
16 hours ago

The company said in a press release that all Daily Cash rewards earned through
the Apple Card will automatically be deposited to the savings account. Daily
Cash is the Apple Card reward program that offers up to 3% back on purchases.
Users can change where their Daily Cash is deposited at any time, and can also
add funds from their bank account to build on their earnings.


READ MORE

How to set up Apple’s new savings account on an iPhone


Apple is launching the savings account through Goldman Sachs.

The national average APY on savings accounts is just 0.35%, according to the
Federal Deposit Insurance Corporation, so Apple’s 4.15% APY is high in
comparison. But competing savings accounts offered by large credit unions,
online banks and brick-and-mortar banks can also offer customers a significant
APY.

CIT Bank offers a savings account with a 4.75% APY when customers deposit a
minimum balance of $5,000. Marcus by Goldman Sachs has a 3.9% APY with no
minimum balance or monthly fees. Capital One’s savings account has no minimum
balance, and users can earn a 3.5% APY. Vio Bank offers a savings account with a
4.77% APY with no minimum balance.



Apple Card savings users can manage their accounts through a dashboard that will
appear in the Wallet app, where they can track their interest and their account
balance or withdraw funds.

The feature is rolling out inside the Apple Wallet app on iPhones now. Check the
app again later if you don’t see it immediately.


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