Cupertino Savings

And we think you’re going to love it

Aaron Crocco
3 min readApr 25


Photo by on Unsplash

It’s no secret that Apple is making many inroads in the financial sector. I would guess it’s a lucrative place for them to focus now that services are fully established for the company. Apple Card allows Apple to save money in transaction fees. Now they’re able to provide another service to let people keep money with them: savings accounts. And the draw to entice people? A killer interest rate. More from Ashley Capoot at CNBC:

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.

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.

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,


It’s an identical playbook to what Ally does with high-yield savings accounts. Apple, however, has come out of the gate with a higher rate. To my knowledge, this is one of the highest rates out there. But there’s another piece to this puzzle piggybacking the announcement.

Apple is also getting into the Buy Now, Pay Later racket. Taking on the likes of Affirm and Klarna, Apple now offers Apple Pay Later. The simple concept is taking your purchase, dividing it across 4 equal payments, and giving you something like six weeks to make those payments.

How does Apple have the money to front to merchants/loan to users in order to facilitate that system? You guessed it: money in savings accounts. This is the exact model banks use and simply cut depositors in on the fees they collect on those loans.

What fascinates me the most is Apple is one of the few, if any, companies that could do this and make it a profitable venture. Apple…



Aaron Crocco

I curate the internet and send it to hundreds of people in my newsletter each week. Yes, that is my DeLorean. #BTTF, Sliders, Whovian, . Powered by coffee ☕