Apple Card users can now open a Goldman Sachs savings account on their iPhone and earn interest on their Daily Cash balance. Apple says account Offers an impressive 4.15% APY, the rate the company said is “more than 10 times the national average.” However, according to Apple’s bylaws, rates are subject to change at any time.
Other online high yield savings accounts for comparison from goldman sachs and Citizens Bank They currently offer APYs of 3.90% and 4.25% respectively.
You can set up Apple Card Savings in the Wallet app on your iPhone. To do this, tap Apple Card, tap the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings. Once your account is set up, all Daily Cash received from that point forward will automatically be credited to your account and start accruing interest. This account has no fees, minimum deposit or minimum balance requirements.
Apple Card users can also earn interest on funds deposited into their accounts through a linked bank account or from their Apple Cash balance. The maximum balance allowed is $250,000 and the balance is fully insured by the FDIC. A new Savings dashboard in the Wallet app allows users to track account balances and interest earned over time.
Apple Card Savings requires an iPhone with iOS 16.4 or later and is available to US residents age 18 and over. Apple has a series of Supporting documents Contains additional information about features.
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