Apple announced a savings feature for Apple Card holders over six months ago, but it’s only now that the feature is finally live. The savings account will offer an annual percentage yield (APY) of 4.15% for all Apple Card customers in the United States, thanks to a partnership with Goldman Sachs.
The rate is more than 10 times the national average, Apple has revealed. The Federal Deposit Insurance Corporation website reveals that the rate in the US is 0.37% as of March 2023.
Apple card functionality
The company previously offered Daily Cash, a cashback program. Users who pay with Apple Card receive 1% on all purchases, 2% if they are made with Apple Pay and 3% on money spent at the Apple Store and some partners such as Uber or T-Mobile.
The savings account has no fees, minimum deposits, or minimum balance requirements. However, to get an Apple Card, you still need to apply and get approved for it.
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