Maximize Your Savings with Apple Card's High-Interest Account

Maximize Your Savings with Apple Card's High-Interest Account

Apple Card users can now easily set up a high-interest savings account, adding to the company's expanding financial services This integration offers convenience and accessibility for those looking to save and manage their finances within the Apple ecosystem

Apple has expanded its financial services in recent years, and now offers a savings account that is linked to its Apple Card. This service, which is operated by Goldman Sachs, allows you to deposit your Apple Card's cash back, or "Daily Cash," into the savings account instead of keeping it as a regular cash balance. Additionally, you can deposit funds from other accounts into the savings account, and withdraw the money to a separate bank account or your Apple Cash balance.

The new savings account stands out with its impressive benefits such as no fees, no minimum deposits, and no minimum balance requirements. Additionally, it boasts an annual interest rate of 4.15%, which surpasses the interest rates offered by most traditional savings accounts in the market.

However, it is important to note that there are certain limitations that come with this account. As per the current account agreement, transfers to and from the account cannot exceed $10,000, and there is a transfer limit of $20,000 per 7-day rolling period. Wire transfers and physical cash deposits are also not permitted, and Apple reserves the right to modify the interest rate in the future.

For those fully immersed in the Apple ecosystem, the recently launched savings accounts could prove advantageous. However, it's important to note that access is limited to Apple devices, mirroring the company's other financial services. Fortunately, there are alternative high-yield savings accounts available that don't come with the same restrictions, such as SoFi's 4% APY accounts or T-Mobile Money, although they may have their own limitations. To open an Apple savings account, simply download the Apple Wallet app and ensure that your device has iOS 16.4 or later installed.

Source: Apple