Months after its announcement, Apple has finally launched its new 4.15% APY savings account for Apple’s credit card (Apple Card) users in the United States (US). The high-yield savings account – also provided by Goldman Sachs Bank USA – requires no minimum deposits, no minimum balance requirements and is advertised as having no fees.
Thank you for reading this post, don't forget to subscribe!Sidenote: APY = Annual Percentage Yield
Apple Card users can set up and manage the 4.15% APY savings account directly inside the wallet app on the iPhone (iOS 16.4 and later). The credit card offers Daily Cash – a cash back reward of up to 3% on purchases. The account opening process requires Social Security Number (SSN) or individual taxpayer identification, a US-based address and other information/document.
The APY yield offered by the account is currently more than 10x the national average, according to Apple. Apple card is subject to credit approval.
Once the account is setup, future Daily Cash rewards will be automatically deposited and deposits from a linked external account or Apple Card balance can also be transferred in. There is the option to deposit Daily Cash directly into the Apple Cash account. The Savings dashboard in Wallet will provide access to account balance and interest as well as enable withdrawals and transfers.
The fine print mentions limitations such as a maximum deposit threshold of $250,000 (FDIC-insured) and maximum cash transfers up to US$ 10,000 or rolling $20,000 over a 7-day period. Apple has been positioning itself as a contender in the fintech industry with offerings such as Apple Card, Apple Pay, and Apple Pay Later.