Apple (AAPL) launched its Apple Card savings account that will give users a 4.15 percent annual percentage yield (APY). The Monday announcement also said that there were no fees, no minimum deposit, and no minimum balance required in the card. The tech giant also mentioned that the Wallet app on iPhones could be used to set up and manage their savings accounts. Those who have an Apple Card can set up a savings account.
According to a press release on its site, Jennifer Bailey, who is vice president of Apple Pay and Apple Wallet said that this account would help Apple users to increase the value of Daily Cash as well as let them save money each day. Users can “spend, send, and save Daily Cash directly and seamlessly–all from one place.”
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Daily Cash is a rewards program from Apple. It offers up to 3 percent cash back on purchases. Daily Cash will be directly deposited in the user’s savings account. The savings account has been launched through Goldman Sachs.
Wallet will give its users an easy-to-use savings dashboard. Users can track their account balance and interest or even withdraw funds using the Savings dashboard by transferring funds to an Apple Cash card or to a linked bank account, without paying fees.
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The Federal Deposit Insurance Corporation says that the nation’s average APY on savings accounts stands at 0.35 percent. However large credit unions, brick-and-mortar banks and online banks offer competitive interest rates on savings accounts.
In case you were wondering how the Apple savings account measures up to other savings accounts here are some comparisons:
CIT Bank–4.75 percent APY–minimum balance $5,000
Marcus by Goldman Sachs–3.9 percent APY–no minimum balance, no monthly fees
Capital One–3.5 percent APY–no minimum balance
Vio Bank–4.77 percent APY–no minimum balance.
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