Apple has finally launched its high-yield savings account for Apple Card owners in the US, following months of anticipation. Cardholders can now sign up for the savings account, which offers an annual percentage yield of 4.15 percent. The account can be funded through transferring money from an Apple Cash balance or a linked bank account, or by automatically depositing Daily Cash earned from purchases. There are no fees, balance requirements or minimum deposit amounts, and users can withdraw money at any time.
The savings account is provided by Goldman Sachs, the same company that offers the Marcus account with a 3.9 percent yield. Both Marcus and Apple’s savings account are designed for mobile users who prefer not to visit physical bank branches. However, Apple’s account is unique in that it is integrated with the Wallet app on the iPhone.
To access the savings account, users need at least iOS 16.4. There are some restrictions, such as a maximum balance of $250,000 and transfers to or from Apple Cash ranging from $1 to $10,000. Transfers are also limited to $20,000 per week.
The introduction of the savings account comes just weeks after Apple launched Apple Pay Later, a service that allows American users to split online purchases into interest-free payments. Both the savings account and Apple Pay Later are believed to be part of Apple’s larger strategy to offer more financial services in-house. This not only allows Apple to control more of the customer experience, but also keeps users within the Apple ecosystem.
With the launch of the savings account, Apple is expanding its suite of financial services for its users, providing a convenient and easy way for Apple Card owners to save and grow their money.
