After a long wait, Apple has finally launched its high-yield savings account for Apple Card owners in the US. With an annual percentage yield of 4.15 percent, customers can transfer money from their Apple Cash balance or linked bank account, or automatically deposit their Daily Cash from purchases.
There are no balance requirements, minimum deposit amounts, or fees, and customers can withdraw money at any time.
“Savings helps our users get even more value out of their favourite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “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.”
The savings account, provided by Goldman Sachs, is similar to the “Marcus” account, offering a 3.9 percent yield with comparable flexibility. However, Apple’s account is built for mobile users and is tied to the iPhone’s Wallet app.
Customers need at least iOS 16.4 to access the account, and there are a few limitations. The account balance cannot exceed $250,000, and transfers to or from Apple Cash must range between $1 and $10,000. Transfers cannot exceed $20,000 per week.
The launch of the savings account follows the recent introduction of Apple Pay Later, which enables US customers to split online purchases into interest-free payments. The savings account is believed to be part of a larger strategy that brings more financial services in-house, allowing Apple to control more of the customer experience and keep users in the ecosystem. With the ease of building funds on the Apple Card savings account, users may be more likely to remain loyal to the iPhone brand.