Apple Card’s new high-yield Savings account is now available to card users. The Savings account is offering a 4.15 percent Annual Percentage Yield (APY). Apple Card users can now choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs. According to the company, the APY of 4.15 percent is more than 10 times the national average.
According to Forbes, the Apple savings account, which pays a 4.15 percent annual return, received approximately $400 million in contributions on the day it was released. “By the end of launch week, roughly 240,000 accounts had been opened,” according to sources mentioned in the paper.
How To Set Up Apple Card Savings Account
Users may quickly set up and manage their Savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance requirements. Savings accounts linked to Apple Card are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Savings is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
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This Apple Card Savings account is available with iOS 16.4 and later versions. 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.
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The new Savings account from Goldman Sachs builds upon the financial health benefits that Apple Card already offers, with absolutely no fees, Daily Cash on every purchase, and tools that encourage users to pay less Apple Card interest — all, while offering privacy and security users expect from Apple.
Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.
As a holder of an Apple Card Savings account, one needs to be aware that the APY may change at any time. Also, there is a maximum balance limit above which deposits cannot be made.
Apple’s (AAPL) stock price is currently trading at about $166 on the Nasdaq stock exchange and has gained about 27% so far in 2023.
