Apple Card customers in the US can open a savings account and earn interest through an Apple Savings account.
When the company originally announced the new financial product in October, Apple, which couldn't share the interest rate, said it would be paid on these accounts because rates fluctuate so much these days.
Apple will offer an APY of 4.15%. It sounds like a competitive offer when you look at the data from Bankrate – you can currently find savings accounts that offer 3.5% to 4.75% APY. The company does not make any promises regarding future interest rates. It could go up and down at any time.
Apple has partnered with Goldman Sachs once again for the banking function. Savings accounts are technically managed by Goldman Sachs, which means the balances are covered by the Federal Deposit Insurance Corporation (FDIC).
This high-yield savings account has been created specifically for Apple Card customers. When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases earn you 1% in cash rewards and 2% for all purchases made with Apple Pay. Purchases with select merchants unlock 3% in rewards.
By default, customers receive cash rewards every day in Apple Cash, a pocket of money that appears in the Wallet app and works much like a checking account. Your Apple Cash balance can be used to pay for things with Apple Pay, for your credit card balance, or to send money to friends and family. You can also transfer this balance to a normal bank account.
Apple Card users can choose to deposit their daily rewards into their savings accounts. It's a way to save money without having to think too much about it. There are no fees associated with the Apple Savings account. However, there is a maximum balance limit of $250,000. The 4.15% APY applies to balances of any size and there is no minimum balance required.
What are the requirements to open an Apple Savings account?
You must first meet the following credentials to open an account:
You own or co-own an active Apple Card account.
You have an Apple Card added to your iPhone or iOS device.
You are at least 18 years old.
You have a social security number or individual taxpayer identification number.
You are a US resident with a US physical address.
Sorce: Tech Crunch
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