Apple Card's savings accounts with 4.15% interest rate unveiled: All you need to know

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Apple has recently unveiled a new high-yield savings account for Apple Card users. According to the reports, the new account will come with a 4.15 annual percentage yield (APY).

Apple Card users will be able to choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into a high-yield Savings account from Goldman Sachs.

The company stated: "Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 per cent -- a rate that's more than 10 times the national average." 

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With no minimum deposits, no fees and no minimum balance requirements, Apple card users could easily set up and manage their Savings account directly from Apple Card in Wallet.

Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet said, "Savings helps our users get even more value out of their favorite Apple Card benefit 'Daily Cash' while providing them with an easy way to save money every day."

She further 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."

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Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account.

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To build on their savings even further, users could deposit the additional funds into their Savings account through their linked bank account, or from their Apple Cash balance itself.

Yesterday (17 April 2023), Apple said, "Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time."

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Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.

Inputs from IANS