Apple to Launch a High-Yield Savings Account

Apple has introduced a brand new high-yield financial savings product for its Apple Card customers. Within the coming months, the tech big will launch its Financial savings account with Goldman Sachs, permitting bank card holders to stash their Each day Money rewards in an account with a excessive yield. Customers may even have the ability to add more money to the account via a linked checking account.

Key Takeaways

  • Apple has introduced a brand new high-yield Financial savings account in partnership with Goldman Sachs.
  • The Financial savings account will solely be accessible to Apple Card customers, who can mechanically deposit their Each day Money into the account and earn curiosity.
  • Customers may even have the ability to hyperlink a checking account and switch more cash into their Financial savings account.

Apple Expands its Monetary Providers Strategy With Excessive-Yield Financial savings

Within the coming months, Apple Card customers will have the ability to open a high-yield financial savings account from their iPhone and have their Each day Money rewards deposited into it. As soon as they arrange the account, cardholders may have their money again mechanically deposited into the Financial savings account, although they’ll change again to having their rewards added to an Apple Money card of their pockets.

Moreover, Apple Card customers will have the ability to hyperlink an exterior checking account and switch extra money to their Financial savings account to reap the benefits of its excessive yield. The account may have no charges, no minimal upfront deposit, and no minimal steadiness requirement.

Apple hasn’t but specified what the annual proportion yield (APY) on the account will probably be however says that it will likely be aggressive with one of the best charges accessible.

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Excessive-yield financial savings accounts have grow to be extra enticing in latest months because the Federal Reserve has continued to extend its federal funds fee. As of October 2022, lots of the high high-yield financial savings accounts are providing APYs upwards of two% and even 3%, charges American shoppers have not seen since 2009.

Goldman Sachs, which can present the Financial savings account for Apple Card customers, is at the moment providing an APY of two.35%.