Apple Card High-Yield Savings Accounts Are Here With a 4.15% APY Rate
You can link up your bank account with Apple's new high-interest savings feature
Apple on Monday launched its long-anticipated savings feature for Apple Card users. You can now open a high-yield savings account for Daily Cash rewards from the Apple Card in the Wallet app.
Apple Card Savings accounts will be provided through Goldman Sachs, and will allow you to earn interest at a 4.15% rate.
"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, in a statement.
As well as your Apple Card Daily Cash, you'll be able to deposit savings into the high-yield account through a linked bank account or from your Apple Cash balance. You can also send money from the Apple Card Savings account to your linked bank account with no fees.
It requires your iPhone to run iOS 16.4 or later.
See Also
- Apple Card: Pay Right From Your iPhone or Apple Watch to Earn Cash Back
- Best Credit Cards for 2023
The new option is Apple's latest attempt to make its credit card, which it launched in 2019 via a partnership with Mastercard and Goldman Sachs, more appealing to consumers. The tech giant has sought to set the Apple Card apart from other branded credit cards by offering a tight integration with the iPhone and its Apple Pay wireless payments service. The company also offers 3% cash back on all Apple purchases and interest-free monthly payments.
Last month, the company also launched Apple Pay Later in the US. The buy now, pay later service lets iPhone users split Apple Pay purchases into four equal payments spread over six weeks.
This story originally appeared on: CNet - Author:Corinne Reichert
