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Apple launches savings account offering 4.15% interest; no fees, no min balance
Apple savings account offers interest higher than what many banks offer. Here is all you need to know about the scheme.
Apple has rolled out a high-yield annual percentage yield (APY) savings account with Goldman Sachs Group Inc. that offers 4.5% interest rate. Users can set up and manage their Savings account straight from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance restrictions.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet said, “Savings helps our users get even more value out of their favourite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day.”
Bailey added, "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."
When you use your Apple Card, you earn a portion of your purchase back as Daily Cash.
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According to the tech company's website, the new service will allow Apple Card members to earn a 4.15% yearly income, which far more than those offered by the Indian banks including, the State Bank of India (SBI), HDFC, ICICI, and Punjab National Bank (PNB) among others.
Salient features of Apple savings account
- There is no minimum deposit or balance requirement for the new account.
- Users may create an account on their iPhones by using the Wallet app.
- Once a savings account is established, any future Daily Cash earned by the user is automatically put into it.
- At any moment, the Daily Cash location can be altered and there is no cap on how much Daily Cash users may earn.
- Users may contribute to their savings by depositing funds into their Savings account from a connected bank account or from their Apple Cash balance.
