Today, Apple launched its first savings account, making it possible for customers with Apple Card credit cards to open high-yield savings account through the company. The service, which is available through partner Goldman Sachs, has no minimum balance, deposit, or fees and offers an annual percentage yield (APY) of 4.15 percent.
Apple High Yield Savings Account
In October, Apple showed off the savings account for a little over six months. Cash back from Apple Card purchases up to 3%, depending on the merchant will automatically be deposited into savings accounts for Apple Card users who choose to open one, as stated in today’s announcement. They can change where the cashback goes through the Apple Wallet app if they don’t like this.
Using the Wallet’s Savings dashboard, holders of savings accounts can manage their accounts. The dashboard will allow clients to connect to another (non-Apple) banking represent feeless exchanges in the two headings, as well as lead moves to and from an Apple Money Card.
Apple is increasingly expanding its reach beyond the generally declining smartphone market, which is why the new service is being offered. The Apple and Goldman Sachs savings account appears to be an attempt to further diversify Apple’s business and get customers more deeply entwined with the company. It finally launched Apple Pay Later late last month, after some delays.
This basically turned the tech giant into a money-lender with the help of Goldman Sachs and MasterCard. The savings account doesn’t do much to attract people who don’t have Apple Cards on its own (high-yield savings accounts have APYs and fee deficits that are comparable).
It seems OK for individuals who own or would consider claiming an Apple Card, as it works on building investment funds through cashback, as well as Apple equipment clients who can use the comfort of recording the executives through Wallet.