(APPLE LAUNCHES ITS OWN SAVINGS ACCOUNT WITH A 4.15% INTEREST RATE)
April 19, 2023
Hello everyone,
An Apple laptop, an Apple iPad, an Apple iPhone and now we are being lured to purchase an Apple Card with a savings A/C attached and an enticing interest rate.
The card requires no minimum deposit or balance, and users can set up an account from the Wallet app on their iPhones.
Users must have an Apple Card to open the savings account.
In a press release the company stated that all daily cash reward 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.
APY on savings accounts, on average, are quite low. Some even offer as little as 0.40%. Other institutions like credit unions and online banks and brick and mortar banks offer customers an attractive APY.
For instance, CIT Bank offers a savings account with a 4.75% APY when customers deposit a minimum balance of $5,000. Capital One’s savings account has no minimum balance, and users can earn a 3.5% APY. Vio Bank offers a savings account with a 4.77% APY with no minimum balance.
Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and their account balance or withdraw funds.
The feature is rolling out inside the Apple Wallet app on iPhones now.
Wishing you all a healthy and prosperous week.
Cheers,
Jacque
“Don’t be trapped by dogma – which is living with the results of other people’s thinking.”
