Cupertino Savings
And we think you’re going to love it
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,
