Apple Unveils High-Yield Savings Account for Apple Card Users with 4.15% APY

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Apple has announced the launch of a high-yield savings account for Apple Card customers in the United States, offering an attractive 4.15% annual percentage yield (APY). The account is managed by Goldman Sachs, and balances are covered by the Federal Deposit Insurance Corporation (FDIC).

This innovative savings account is specifically designed for Apple Card users who can now deposit their cash rewards directly into their savings. By default, all purchases made with the Apple Card grant 1% cashback, 2% for purchases made using Apple Pay, and 3% for transactions with select merchants.

Users can access their savings account through the Wallet app on their iPhone or iOS device. The app displays the current balance, interest rate, and recent transactions, allowing users to add or withdraw money manually. Balances can be transferred to Apple Cash or a regular bank account.

Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet, stated in a press release, “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.”

To be eligible for opening an Apple savings account, customers must:

  • Be an owner or co-owner of an active Apple Card account
  • Have an Apple Card added to their iPhone or iOS device
  • Be at least 18 years old
  • Have either a Social Security Number or an Individual Taxpayer ID Number
  • Be a U.S. resident with a physical U.S. address
  • Have two-factor authentication set up for their Apple ID with the latest version of iOS

The Apple Card savings account has no associated fees and no minimum balance requirements. However, there is a maximum balance limit of $250,000. The 4.15% APY applies to any sized balance.

To sign up for an Apple Card savings account, users need to open the Wallet app on their iPhone or iOS device, tap on “Apple Card,” tap the More button, then tap “Daily Cash,” and follow the onscreen instructions to complete the savings account application.

As the account is FDIC insured, deposits are insured up to the standard maximum deposit insurance amount per depositor, per FDIC-insured bank, and per ownership category.

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