Apple has introduced a new high-yield savings account with an annual percentage yield (APY) of 4.15% for Apple Card customers in the United States.
Users will be able to earn interest through an Apple savings account with no minimum contributions or balances required. Apple has teamed with Goldman Sachs to create the no-fee savings account, which is now available through Apple’s Wallet app.
Once the savings account is established, customers may deposit extra dollars into it using a connected bank account or their Apple Cash balance. The account also permits fee-free withdrawals at any moment by transferring funds to a connected bank account or an Apple Cash card.
The proposal is viewed as an attempt to encourage more clients to join up for the company’s expanding suite of financial services. Apple’s new savings account looks to be a competitive offering with a higher APY, with a national average annual percentage yield for savings accounts of less than 0.4%. The corporation makes no promises about future interest rates, which might change at any time. According to Bankrate, online banks UFB Direct, Vio Bank, and CIT Bank now offer APYs of 5.02%, 4.77%, and 4.75%, respectively.
Apple is also aiming to inspire user loyalty by framing the new savings account as a method for unused Daily Cash to grow.
The sources for this piece include an article in Axios.
