Apple launches Apple Card’s savings accounts with 4.15% interest rate

Apple has just launched a new savings account with an impressive interest rate of 4.15%. Find out more about this exciting development!
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Apple has announced the launch of savings accounts through Apple Card with an impressive 4.15% annual percentage yield (APY). This new financial product is available to Apple Card customers in the United States who can now open a savings account with Apple and earn interest. Apple had not revealed the interest rate when the product was announced in October, citing the fluctuating interest rate market.

By partnering with Goldman Sachs once again for this banking feature, the savings accounts are managed by the financial giant, ensuring that balances are covered by the Federal Deposit Insurance Corporation (FDIC). The savings account is accessible from the Wallet app, where users can check their current balance, view the interest rate, and manage transactions.

Apple Card

The high-yield savings account is specifically designed for Apple Card customers, who earn cash rewards for every purchase made. With the default setting, purchases qualify for a 1% cash reward while using Apple Pay rewards 2%.

Purchases with select merchants earn a higher reward of 3%. These cash rewards are deposited daily into Apple Cash, which works like a checking account in the Wallet app. Apple Card users can now choose to deposit their daily rewards into their savings accounts automatically, providing an effortless way to save money.

Jennifer Bailey

This new financial product is an addition to Apple's financial services suite, which aims to help users lead healthier financial lives. Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said in a statement that "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."

Apple's savings account has no fees, and there is no minimum balance required to open the account. However, the account has a maximum balance limit of $250,000. While the current APY of 4.15% is competitive compared to similar offerings from other banks, Apple is not making any promises regarding future interest rates as they may fluctuate.

In conclusion, Apple's launch of a savings account for Apple Card customers with a 4.15% APY is a notable addition to its suite of financial services. With no fees, a competitive interest rate, and the convenience of automatic daily deposits, the savings account aims to help users save effortlessly and lead healthier financial lives.

High Yield But Not The Highest, Plus Limitations

Apple has announced a new savings account feature that allows its Apple Card users to earn higher Daily Cash rewards through a savings account provided by Goldman Sachs. With an APY of 4.15%, the account offers an interest rate more than 11 times higher than the current national average of 0.37% APY reported by the Federal Deposit Insurance Corp.

However, it is important to note that the account's interest rate is not the highest available, with CFG Bank offering the highest rate of 5.02% APY, according to Investopedia research.


While there is no minimum deposit required, the savings account has some limitations. The maximum balance allowed on the account is $250,000, and transfers exceeding this limit risk rejection.

There are limits on transferring funds using Apple Cash, with a minimum of $1 and a maximum of $10,000 per transfer. Users are also restricted to transferring no more than $20,000 using Apple Cash over seven days.

Potential customers must consider these eligibility requirements and limitations when deciding whether to open an Apple savings account. While the account offers a competitive interest rate and a user-friendly way to save money, customers should compare it with other high-yield savings accounts in the market before making a decision.

Nonetheless, the partnership between Apple and Goldman Sachs means that the savings accounts are managed by a reputable banking institution, and account balances are covered by the FDIC, ensuring customers' peace of mind.

Apple solidifies its presence in the financial industry

Apple continues to make moves in the financial industry, with its recent launch of a high-yield savings account for Apple Card customers, in partnership with Goldman Sachs. This follows the launch of a Buy Now Pay Later product, allowing consumers to spread Apple purchases over four payments directly from their wallet.

Goldman Sachs, which previously attempted to launch a consumer-focused brand, has struggled in this space, with CEO David Solomon announcing a pivot away from retail late last year, stating that the consumer business "doesn't make money at the moment." While the Apple Card deal with Goldman Sachs did not generate the expected balances, it remains to be seen how much traction Apple can gain.

Apple's decision to partner with Goldman Sachs provides an opportunity to keep its customers close to its products while not being a bank itself. Given the recent issues in the regional banking sector, consumers may view Apple as a saviour for their money due to its stable customer base and significant cash holdings.

It is important to note that the financial industry is highly competitive, and Apple's move into the space is not without its challenges. However, by offering innovative financial products in partnership with established financial institutions, Apple can continue to cement its presence in this space and provide its customers with additional value.

Tumisang Bogwasi
Tumisang Bogwasi

2X Award-Winning Entrepreneur | Empowering Brands to Generate Leads, Grow Revenue with Business Strategy and Digital Marketing | Founder, CEO of Fine Group