Apple announced savings account with 4.15% rate of interest

Apple has announced the launch of its new Apple Card savings account, which offers a 4.15% annual percentage yield (APY) and requires no minimum deposit or balance.

The account can be easily set up by users through the Wallet app on their iPhones. The company stated that all Daily Cash rewards earned through the Apple Card would automatically be deposited to the savings account, which is part of the Apple Card reward program that offers up to 3% back on purchases. Users have the flexibility to change where their Daily Cash is deposited at any time and can also add funds from their bank account to increase their earnings.

The savings account is being launched in partnership with Goldman Sachs, and users can manage their accounts through a dashboard that will appear in the Wallet app. The dashboard allows users to keep track of their interest and account balance and to withdraw funds as needed.

The national average APY on savings accounts is currently only 0.35%, according to the Federal Deposit Insurance Corporation, making Apple’s 4.15% APY a significantly higher rate. However, there are other financial institutions that offer competitive APY rates on their savings accounts. For example, CIT Bank offers a savings account with a 4.75% APY when customers deposit a minimum balance of $5,000. Marcus by Goldman Sachs has a 3.9% APY with no minimum balance or monthly fees. Capital One’s savings account has no minimum balance, and users can earn a 3.5% APY. Vio Bank offers a savings account with a 4.77% APY with no minimum balance.

Overall, Apple’s new savings account offers a high-interest rate with no minimum deposit or balance, making it an attractive option for those looking to grow their savings. The ease of use through the Wallet app and the ability to track interest and withdraw funds add to the convenience of this new offering.