Starting April 17, all Apple Card users in the US have a new opportunity to accumulate money and earn interest on it, thus increasing the value of money.
The new savings account service will be provided by local bank Goldman Sachs, with whom Apple has partnered for its Apple Card service. Currently, the annual interest rate is proposed to be 4.15%, however, it may change over time. The company reported on the functionality of the savings account already last fall, but only now have the official interest rates and its operation been revealed.
This will be part of the Apple Card service, because currently, when making payments with this bank card, 1% is recovered from each purchase. If payment is made with Apple Pay, 2% of the purchase amount is returned. The company’s idea is that these repayments can now be conveniently stored in a savings account to grow the value of the money. Until now, customers received refunds automatically in the form of Apple Cash.
The savings account will be accessible through the Wallet app. It will show both the account balance, the specific interest rate and recent transactions. It will also be possible to add and withdraw money by transferring it to another bank account. The only limitation will be that the total amount of savings cannot exceed 250 thousand US dollars. As you can see, Apple is starting to offer an ever-widening range of financial services.
