Apple Savings account: Everything you need to know
The Apple Card has been used with Daily Cash for years. Until now, Apple Cash Card was the only place to get all your money back.
Apparently, Apple decided to give everyone another chance and announced that it would be opening a new savings account exclusively for Apple Card users. It is easy and useful as https://apps.apple.com/us/app/lily-plant-identification/id1570145257. Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said her new savings account is another tool she uses to help users promote healthier financial lives.
“Savings allows Apple Card users to incrementally increase their daily cash rewards while saving for the future. This savings adds even more value to users' favorite Apple Card reward, Daily Cash, and provides another easy-to-use tool designed to help. Users are living a healthier financial life,” he said in a statement that accompanied the new release.
What is an Apple Savings Account?
Apple Savings Account is a new savings account that Apple Card users can open. Apple markets it as a "high-yield" savings account that allows users to deposit daily money and earn more rewards earned with their Apple credit card.
In addition to automatically depositing daily earned money into your account, users can also deposit additional funds directly from their linked bank account.
What is the interest on the Apple Savings Account?
Apple has not disclosed the exact amount of interest the future Savings Account will earn. In a press release for the account, Apple only said it was a "high-yield" savings account. increase. Goldman's consumer brand is Marcus, which currently has a 2.35% APY savings account.
So you can probably assume that the Apple Savings account interest rate will be at or above this value.
What are the fees for the Apple Savings Account?
Just like the Apple Card, the company is going free with the new Apple Savings Account.
There are many savings accounts on the financial market with monthly maintenance fees, minimum monthly balances to avoid those fees, and minimum initial deposits to earn a certain percentage. Meanwhile, Apple says the new Apple Savings Account "has no fees, minimum deposits, or minimum balance requirements." So if you find that your current savings account is little more than a dime, an Apple Savings account may be a good option.
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