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Thenthat money will get automatically deposited into your Apple Card savings account, which will earn4.15 percent (at the time of the announcement). To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. *Base annual percentage yield (variable) is 4.50% as of 5/8/23. Im currently earning 3.75% with an online-only bank. Copyright 2023 Market Realist. Read more:Apple's New High-Yield Savings Account Isn't the Only One With a Great Interest Rate. Next, tap the three dots and select Daily Cash. .css-1reh48f{font-size:14px;line-height:18px;letter-spacing:normal;font-weight:400;font-family:"Retina",sans-serif;font-style:normal;-webkit-text-decoration:underline;text-decoration:underline;-webkit-transition:all 0.2s ease-in-out;transition:all 0.2s ease-in-out;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:antialiased;white-space:normal;color:#555555;display:inline;}.css-1reh48f:hover{-webkit-text-decoration:none;text-decoration:none;color:#747474;}@media (max-width: 1024px){.css-1reh48f{font-size:12px;}}@media (max-width: 640px){.css-1reh48f{color:#000000;}}Learn more. Yes, the maximum Apple Savings account balance is $250,000. Here are two reasons why you may want to look for an alternative to the Apple savings account. (Apple Cash is similar to Venmo and other peer-to-peer payment platforms.) The 4.15% APY that Apple's savings account comes with is considerable. Learn more with iMore! NY 10036. The buy now, pay later service lets iPhone users split Apple Pay purchases into four equal payments spread over six weeks. These rates are current as of 7/11/2023. That said, is the Apple savings account worth it for you now? A high-yield savings account is asafe place to keep your money, and today'sgreat interest rates combined with easy access and lack of fees make them even more appealing for savers today. After all, the company is bestknown for making premium hardwarewith intuitive and beautifullydesigned software. We generally look at customer support, mobile apps, ethics, and other factors depending on the type of account we're reviewing. (Examples of ownership categories are single accounts and joint accounts.). Member FDIC. NerdWallet strives to keep its information accurate and up to date. generally covers bank account balances up to $250,000, per depositor, per insured bank, per ownership category. That seems like a pretty nice deal. Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time. This credit card offers a reward called Daily Cash, in which you can get up to 3% cash back on purchases. The Savings account features its own dashboard, showing users their balance and the amount of interest they have earned. Users can change their Daily Cash destination at any time.". Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. In fact, your new savings account will be the default place for that cash back, known as Daily Cash, unless you change it manually. A solid BBB grade shows a company responds to customer complaints, maintains transparent business practices, and makes truthful advertising claims. However, it might not be the highest rate you can earn on your savings, so be sure to shop around. Six months later. So, if you buy an iPhone from Apple, and use your Apple Card with Apple Pay, the company will give you three percent cash back on the purchase. Apple Cards new high-yield Savings account is now available, offering a 4.15 percent APY, Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent1 a rate thats more than 10 times the national average.2 With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.3, 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, said Jennifer Bailey, Apples vice president of Apple Pay and Apple Wallet. 4.15% Is High Yield But Has Downsides - Bloomberg Subscribe Wealth Investing Apple's 4.15% Savings Account Marks Golden Age of Cash The product is. The bottom line: The Apple Savings Account is ideal for Apple Card users wanting a competitive interest rate with no minimum balance requirements or monthly service fees. One of the big benefits of Apple's new savings account for Apple Card users is the ability to automatically move your "Daily Cash rewards" into your savings. The new Savings account from Goldman Sachs builds upon the financial health benefits that Apple Card already offers, with absolutely no fees, 5 Daily Cash on every purchase, and tools that encourage users to pay less Apple Card interest all, while offering the privacy and security users expect from Apple. More specifically, Apple's Savings account is only available for Apple Card owners and co-owners of the credit card. The next step in that process came in October 2022 when the computer maker announced it would be launching a high-yield savings account in partnership with Goldman Sachs. Be an owner or co-owner of an active Apple Card account, and add Apple Card to your iPhone. Corinne covers everything from phones, social media and security to movies, politics, 5G and pop culture. Apple recently launched a high-yield savings account administered by Goldman Sachs, offering 4.15% APY on your savings. Additionally, Goldman Sachs has been involved in several controversies in recent years. It strikes me as a no-brainer to get your cash into an account that makes you money, and Apple has made it exceptionally easy to do so. Apple is marketing it as a "high-yield" savings account that users can deposit their Daily Cash into in order to get more out of the rewards they earn with their Apple credit card. Is Apple's High-Yield Savings Account Worth It? See How It Compares Interest rates are variable and subject to change at any time. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Apple Just Launched a High-Yield Savings Account. Here's What It Means A savings account is an interest-earning bank account. Apple savings account review: High APY for iPhone users Reddit, Inc. 2023. Varo's Savings Account offers 5.00% APY on up to $5,000, and MangoSavings offers 6.00% APY on up to $2,500 in savings. If interest rate is the top consideration for you then you should strongly consider skipping the Apple savings account and looking elsewhere. Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the authors alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Heres how it works. As I mentioned, I have a lot of Apple products, but I also try to maximize my credit card points, which means the Apple Card is one of many in my digital wallet. News provided by The Associated Press. ICE Limitations. Do you need an Apple Card for Apple Savings? Like many of CNBC Select's top picks for the best high-yield savings accounts, Apple Savings doesn't charge any service fees or charges. Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future. But its convenient savings features for account holders are particularly striking. Initial thoughts on Apple's new high-yield savings account? (4 - Reddit Here is a list of our partners. The interest rate is competitive with online banks. This rate is fairly competitive, though some savings accounts are offering rates closer to 5.00% APY. While the purpose of a checking account is to manage your spending, a savings account is a place to grow some of . New York, We believe everyone should be able to make financial decisions with confidence. These financial institutions use the money in savings accounts to make loans to individuals and businesses. This interest rate is significantly higher than the national average savings account interest rate, but you can find slightly higher rates elsewhere. Grow Your Piggy Bank Faster With a High-Yield Savings Account, Apple's Goldman Sachs Savings Account Is Coming How It Will Work, Who Owns First Citizens Bank? "Overall, high-yield savings accounts are a useful tool for almost anyone and a great way to be prepared for unexpected or occasional expenses while earning a decent amount of interest," James says. By Andy Hayes. Apple's high-yield savings account offers a solid 4.15% APY and a fee-free experience to those with an Apple Card. To access your funds, you'll need to contact a Savings Support Specialist. Rates are as of April 1, 2023. What Is a Savings Account? Definition and How It Works - Business Insider If you deposited $5,000 into a regular account, your bottom line will have grown to just $5,020 over one year, assuming you haven't made any withdrawals during that time frame. Metropolitan Commercial Bank is a Member FDIC. Apple is marketing it as a "high-yield" savings account that users can deposit their Daily Cash into in order to get more out of the rewards they earn with their Apple credit card. APY vs. interest rate: whats the difference and how does it impact your savings. Apples newest product launch isnt the latest iPhone or an updated Mac. But if you're not an Apple user (or are and just don't like the idea of turning your phone into a mobile banking device) it's worth looking elsewhere for your savings account needs. As of now, you can get a credit card from Apple, take out a (very) short-term loan from Apple, and even earn interest on a savings account. Even if Apple never earns any interest on that money, however, this is just another way the company can expand its ecosystem and create lock-in with its customers. Looking to open a savings account? Is Apple Savings FDIC insured? Im currently earning 3.75% with an online-only bank. Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account.