Apple Savings Account exceeds $10 billion in deposits Key points to understand

Apple Savings Account exceeds $10 billion in deposits Key points to understand

Apple Card’s High-Yield Savings Account Surpasses $10 Billion in Deposits

Earlier this year, Apple teamed up with Goldman Sachs to launch a new savings account called the Apple Card’s high-yield savings account. Since its release in April, the account has attracted over $10 billion in deposits from users. This remarkable achievement is a testament to the popularity and success of the Apple Card and the financial products it offers.

According to Liz Martin, the head of Enterprise Partnerships at Goldman Sachs, “We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives.”

One of the key factors contributing to the account’s success is its impressive interest rate of 4.15%. In comparison, the current national average Annual Percentage Yield (APY) on savings accounts is a meager 0.42%, as reported by the FDIC. However, it is worth noting that rates for high-yield savings accounts have been rising steadily, with many top accounts now offering rates over 4%. This increase is mainly due to the Federal Reserve’s efforts to combat inflation and stimulate the economy through higher interest rates.

The Apple Card’s high-yield savings account offers users an opportunity to earn higher returns on their savings, helping them make the most of their money. Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, highlights the benefits by stating, “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.”

To provide users with a comprehensive comparison of savings rates, Apple has partnered with Bankrate to develop a helpful tool. This tool allows users to evaluate the current savings rates offered by different financial institutions, helping them make informed decisions about their savings.

• Russian general admits heavy paratrooper casualties in Ukraine, but...
• Chase Checking Account 2023 Review
• Capital One 360 Bank Review’ (2023)

In order to open an Apple Card’s high-yield savings account, individuals must have an Apple Card, which is Apple’s credit card. The Apple Card offers various benefits, including 3% Daily Cash on Apple purchases and select merchants, as well as 2% Daily Cash on all other purchases made with the card.

The savings account has no fees, no minimum balance requirements, and no minimum deposit. Apple aims to provide a seamless and user-friendly experience for managing money. Bailey emphasizes this by stating, “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.”

To make it easier for users to access and manage their savings account, Apple provides an intuitive dashboard within the Wallet app. Through this dashboard, users can keep track of their interest earned, check their account balance, and perform transactions such as depositing or withdrawing funds to and from their linked bank account or Apple Card. Additionally, any Daily Cash earned from Apple Card purchases is automatically deposited into the savings account.

Apple recently shared that an impressive 97% of Apple Card users have chosen to have their Daily Cash automatically deposited into their savings account. This level of adoption demonstrates the convenience and appeal of the integrated financial services offered by Apple.

The success of the Apple Card’s high-yield savings account showcases the growing trend of consumers seeking higher returns on their savings. As interest rates continue to rise, it becomes crucial for individuals to explore options that can help them make the most of their money.

Whether it’s the Apple Card or other high-yield savings accounts, the key takeaway from this achievement is the importance of prioritizing savings and finding opportunities that offer optimal returns. With the right financial tools and a focus on healthier financial lives, individuals can make their money work harder and achieve their savings goals.

Related Content

• As Fed Raises Rates 0.25%, Savings Rates Set to Rise, Too
• Best 5-Year CD Rates
• Best No-Fee High-Yield Savings Rates

• banking
• High yield savings accounts
• News
• Personal finance
• Savings
• savings accounts
• serversidehawk
• videoarticle