Today Apple finally announced their long-rumored savings accounts that lets Apple Card users grow their cash. Now Apple Card users can deposit cash into a savings account and get a 4.15% APY. That is significantly higher than the average savings account of 0.37%.
“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”
Apple says that all Daily Cash earned by a user will automatically be deposited into their account. The one catch is the maximum balance your Apple Savings account can reach is $250,000.
These savings accounts will be managed by Goldman Sachs and can be access through the Apple Wallet app.
Legal Details:
- Annual Percentage Yield (APY) is 4.15 percent as of 4/14/2023. APY may change at any time. Maximum balance limits apply. Savings is available with iOS 16.4 and later.
- Accurate as of the time of publication. The national average rate referenced is from the FDIC’s published National Rates and Rate Caps for Savings deposit products, accurate as of 3/20/2023. See the FDIC website for more information.
- Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC. Savings is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
- Transfer limits apply to Savings transfers to and from Apple Cash. See the Deposit Account Agreement for more information regarding transfer limits.
- Variable APRs for Apple Card range from 15.74 percent to 26.74 percent based on creditworthiness. Rates are as of April 1, 2023. Apple Card is subject to credit approval, available only for qualifying applicants in the United States, and issued by Goldman Sachs Bank USA, Salt Lake City Branch.