Apple Launches Awaited Apple Card Savings Account With 4.15 Percent Interest

Apple Card Savings Account banner Credit: Apple
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Last year Apple hinted that iOS 16 would bring at least two new services related to Apple Pay, announcing Apple Pay Later alongside the iOS 16 unveiling at June’s Worldwide Developers Conference (WWDC), followed by plans for a new Apple Card Savings Account shortly after iOS 16 was released to the public.

Although the company didn’t offer much insight into when either of these services would launch, hints in the iOS 16.4 betas made it apparent that Apple was laying the groundwork for both. Apple Pay Later soft-launched at the end of March, inviting “inviting select users to access a prerelease version” of the service, with a full rollout expected “in the coming months.”

Now, Apple has delivered on its second financial service of iOS 16, announcing that its new high-yield savings account is live for all Apple Card users to enjoy.

How It Works and Who Is Eligible

Apple’s new savings account is exclusively available for folks who have an Apple Card, which means it’s also only available where the Apple Card is available — in the United States.

If you already have an Apple Card, there are no additional requirements to set up an Apple Savings account other than having iOS 16.4 (or later) installed on the iPhone where your Apple Card is set up.

Essentially, the new savings account is intended to allow Apple Card users to squirrel away their Daily Cash rewards and earn interest rather than keeping them in their non-interest-bearing Apple Cash account.

To that end, Apple Card users can choose to have all their Daily Cash rewards automatically deposited into their new savings account — whether that’s the 1% cash back from purchases made with the physical titanium card or the 3% from Apple Store purchases.

Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day. Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet

The savings account currently carries a 4.15 percent Annual Percentage Yield (APY), and there’s no minimum balance required to earn that APY, so Apple Card users can get started right away.

However, Daily Cash isn’t the only way to add money to an Apple savings account; like Apple Cash, you can link an external bank account to withdraw or deposit funds via ACH Transfer. While there’s no ability to spend money directly from the new savings account, funds can easily be transferred into Apple Cash and spent from there via Apple Pay. There are no transfer fees either way.

As with the Apple Card, Goldman Sachs is providing the new savings account, which is governed by terms and conditions similar to most online savings accounts.

Naturally, the Apple savings account is set up, tracked, and managed through Apple Wallet on your iPhone, which is why you need iOS 16.4. The process is similar to managing your Apple Cash or Apple Card, with added information to show your interest earned over time.

If you’re an Apple Card owner or co-owner, you can sign up for the new Apple Savings account by opening the Wallet app on your iPhone, tapping on your Apple Card, selecting Daily Cash from the three-dot menu, and then choosing the “Apple Card Savings Account” option for your Daily Cash destination.

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