© Reuters
Investing.com – Apple (NASDAQ:) announced today, Monday, the start of its Apple Card savings account program, with an annual interest rate of 4.15%.
The account does not require a certain minimum amount, and customers can open and manage the account through the wallet application on their phones. The only condition is that users have an Apple Card in order to be able to open a savings account, and the service is limited so far to customers who are residents of the United States of America and residents. In it, those over the age of 18, and the account limit is 250,000 US.
In its press release, the company said that all daily cash rewards earned through the Apple Card will be automatically deposited into the savings account. DailyCash is the Apple Card rewards program that offers up to 3% cash back on purchases. Users can change where they deposit their daily cash at any time and can also add money from their bank account to increase their earnings.
And Apple launched the savings account through Goldman Sachs (NYSE:).
The average annual earnings in America on savings accounts are just 0.35%, according to the Federal Deposit Insurance Corporation, so Apple’s 4.15% APY is high by comparison. But competing savings accounts offered by large credit unions, online banks, and traditional banks can also offer customers great, competitive profits.
Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and account balance or withdraw money.
The feature is rolling out within the Apple Wallet app on iPhones now.
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