While there is uncertainty on who will continue the financial aspects for "FIN" in fintech with the renowned Apple Card, the company has recently increased the interest rate offered to its Savings users. In this latest update, users who are enjoying increased rates in their Apple Card Savings, getting a minimal bump that could go a long way in their respective accounts.
Digital banks have been popular amongst those who want to keep their money in banks, offering more to their users for the use of their platform.
Apple Card Savings Increases Interest Rate to 4.25%
(Photo : Apple)
In the report by Mac Rumors, the company has sent out updates to all users registered on the Apple Card Savings, notifying them that the interest rate for the service has increased to 4.25 percent. This adds more to the user's savings experience on the platform, improving from its previous offer which only gave 4.15 percent.
Both these rates from Apple and Goldman Sachs are already competitive in the current market, offering users a chance to get more from what they have deposited in their respective accounts.
Additionally, the Apple Card and the Apple Card Savings remain available to all users in the United States despite the reported ongoing talks of Cupertino and Goldman terminating their partnership on the service.
Read Also: Apple, Goldman Sachs to End Partnership on Apple Card, Savings Ventures-What Will Happen?
Is the Apple Card Savings Platform Worth It?
The Apple Card Savings is one worthwhile experience for all looking to keep their money in their respective bank accounts which would not see massive interest rates if done so via traditional ones. With this new 4.25 percent interest rate offer, the company makes it a more appealing service, with a maximum deposit of $250,000 for users in one account, meant for Apple users.
Apple Card with Goldman Sachs
For a long time, Apple has partnered with Goldman Sachs to deliver an all-new fintech experience right on devices, offering the Apple Card for all to enjoy. However, it was later revealed that it is not working out for Goldman Sachs, especially as it claimed to have already lost as much as $1 billion on this venture since 2020, and this is projected to grow more in the future.
Still, amidst the massive losses throughout the years, the Cupertino giant and Goldman Sachs continued what they are working on for the world, centering on new experiences on this fintech offer. Last year, the companies introduced the high-yield deposit experience known as the Apple Card Savings, and this offered a way for users to get more than what they put into their accounts.
With the rocky relationship between Apple and Goldman Sachs in the present, there are talks regarding passing off the responsibility to another company, American Express. The latest update from Cupertino allows US users to enjoy the Apple Card Savings with an increased rate, with its 4.25 percent per annum rate up for grabs to all, with the minimal increase going a long way.
Related Article: Will Amex Partner with Apple Card? CEO Unveils What it Looks for Amid Goldman Sachs Fallout
