Shots Fired at Chase, Apple Launches its Savings Account with 4.15 Percent Interest Rate

Posted on 04/17/2023

Apple Inc. is the maker of the famous and widely used iPhone and iPad. Apple revealed that its Apple Card savings account is now available to users with 4.15% annual percentage yield. It requires no minimum deposit or balance, Apple said, and users can set up an account from the Wallet app on their iPhones. The company said in a press release that all Daily Cash rewards earned through the Apple Card will automatically be deposited to the savings account. Daily Cash is the Apple Card reward program that offers up to 3% back on purchases. Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and their account balance or withdraw funds. Apple is launching the savings account through Goldman Sachs. Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. In May 2021, Cornerstone Advisors estimated that there were 6.4 million Apple Card users.

This is a major milestone of the trend that major U.S. tech companies are jumping into banking. JPMorgan and other major U.S. banks are keeping watch. Across the pond to China, the Chinese government grew weary of Jack Ma’s Alibaba empire and its Ant Financial arm.

Interestingly, the U.S. national average annual percentage rate on savings accounts is just 0.35%, according to the Federal Deposit Insurance Corporation (FDIC). Apple’s 4.15% APY is high in comparison. Marcus by Goldman Sachs has a 3.9% APY with no minimum balance or monthly fees.

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