Apple Card Savings Account Rolls Out Offering 4.15% APY
Last fall, Apple announced plans to expand its line-up of financial products by adding a high-yield savings account option for Apple Card customers. Now, that offering is here as Apple Card Savings is now availalbe to Apple Card customers. At launch, the new account earns a rate of 4.15% APY. After setting up a Savings account, Apple Card users will be able to automatically deposit their Daily Cash cashback earnings in their Savings as well as add funds from external sources.
Like the Apple Card itself, Apple Card Savings is powered by Goldman Sachs. Notably, the 4.15% APY currently offered by Savings tops the interest rate offered by Goldman’s own Marcus account. That offering currently boasts 3.90% APY as of April 17th, 2023.
The official launch of Savings comes on the heels of Apple rolling out another previously-teased financial feature. Late last month, the company introduced its “buy now, pay later” platform Apple Pay Later. With this service, customers will be able to apply for no-fee, no-interest loans ranging from $50 to $1,000 and pay it off over the course of six weeks, including a down payment and subsequent equal payments every two weeks. According to Apple, the availability of the product is currently only being offered to invited, randomly selected users.
To get started, users must be on iOS 16.4 or newer. Then, Apple Card customers can select the card in Wallet, tap the three-dot icon in the upper right, select Daily Cash, and choose Savings to begin the registration process. Users will need to enter their nine-digit Social Security number and accept the terms in order to create their account. Once a Savings account is made, the balance can be viewed under the Payment Due date and Yearly Activity widgets. Tapping this link will then allow users to manage their accounts, including adding money, withdrawing money, and viewing a graph of their balance over time.
Announcing the launch of Savings, Apple’s VP of Apple Pay and Apple Wallet Jennifer Bailey 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. 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.”
For Apple Card customers, the new Savings account seems like a no-brainer for a few reasons. For one, at the 4.15% APY, the account’s interest rate is near the top of the current heap of online banking accounts. Furthermore, unlike some accounts, earning rate doesn’t require customers to make direct deposits or stay below a certain balance. On top of that, since Daily Cash is paid out relatively quickly after an eligible Apple Card purchase is made, this account serves as an easy way for users to store their cashback and earn more money in the process. So, while the Apple Card still has its fair share of detractors, those who already have the card may want to give this new Savings feature a shot.