The much-awaited Apple Card Savings is now available, and the famous technology company says it is now up for grabs for all interested applicants who want to earn while they keep their money. This new fintech offer from Apple centers on a high-interest rate for customers, with as much as 4.5 percent to give back to users.
What Apple is offering is similar to digital banks present in the country, leveraging their operations in an app and without a physical branch to yield a high-interest rate for their savings account.
Apple Card Savings is Now Available in the US with Goldman Sachs
(Photo : Apple)
Apple has now announced the availability of Apple Card Savings in the US, in collaboration with Goldman Sachs to offer a Savings account for all users. It helps collect all Daily Cash rewards from Apple Store purchases, and other supported purchases, to help grow these figures into more money, with as much as a 4.5 percent annual percentage yield (APY).
"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," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet.
Users only need to set up the savings account via the Wallet app and all Daily Cash rewards available from their previous purchases would arrive in this new feature. The Cupertino giant first announced this feature last October 2022.
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Apple Card Savings: How to Get a High-Interest Rate?
One of the requirements for setting up one's savings account with the Cupertino giant is to have an Apple Card.
Next, users should head to their Apple Card and choose the three-dot menu "..." and then head to Daily Savings. Scroll down the list and look for the "Apple Card Savings Account" option to set it up.
It is a rather easy process if one is already using the Apple Card and has an existing account. Users may also deposit money via a linked banked account to store more money and grow via the new feature.
Apple and its Financial Side
The renowned Cupertino-based tech giant has recently gone big with its fintech offers, something which was spearheaded by Google with their mobile payment channels. Apple Pay followed shortly after in 2014 which allowed people to store their cards and have a virtual payment method they could tap on terminals to complete a transaction.
After Apple Pay came to the renowned Apple Card, a credit card that has the Cupertino giant's logo, in collaboration with Goldman Sachs to deliver a new way to pay merchants when purchasing goods or services. One of the most interesting features here is the ability to manage the card via the Wallet app which provides 6 percent daily cashback on Apple Store purchases.
With Apple's financial side seeing significant growth in the past few years, the company decided to look into expanding it more with a savings account that users may access via the smartphone. Note that the Apple Card Savings feature centers on a digital experience that will help users manage their finances, and help them earn while keeping their money with Apple.
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