Apple has recently launched its first savings account, letting Apple Card credit card owners open a high-yield savings account through the company. The new product, called Apple Savings, offers a 4.15 percent annual percentage yield (APY), which is significantly higher than the national average of 0.06 percent.
Apple Savings is available to all Apple Card users who have iOS 16.4 or later on their devices. Users can choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into their savings account, or they can manually transfer money from their bank account or Apple Cash balance. There is no minimum deposit or balance required, and users can withdraw money at any time without any fees or penalties.
Apple Savings is powered by Goldman Sachs, the same bank that issues the Apple Card. Users can access their savings account through the Wallet app on their iPhone or iPad, where they can also view their balance, interest earned, transactions, and statements. Users can also set up recurring deposits or withdrawals, and use Face ID or Touch ID to authenticate their transactions.
Apple’s new savings account launch is part of its broader venture into the finance market, which started with the introduction of the Apple Card in 2019. The Apple Card is a credit card that offers cash back rewards, no fees, low interest rates, and seamless integration with Apple Pay and other Apple services. The Apple Card has been praised for its simplicity, security, and transparency, as well as its attractive design and features.
Apple Savings is expected to attract more customers to the Apple Card, as well as increase customer loyalty and engagement. According to two sources familiar with the matter, Apple Savings brought in as much as $990 million in deposits over its first four days. This shows that there is a strong demand for high-yield savings accounts among Apple users, especially in a low-interest environment.
Apple’s new savings account launch and venture into the financial market is another example of how the tech giant is expanding its ecosystem and diversifying its revenue streams. By offering more financial products and services to its millions of customers, Apple is not only competing with traditional banks and fintech companies, but also creating more value and convenience for its loyal fan base.
