Apple Announces Launch of Apple Card Savings Account via Goldman Sachs with 4.15% APY

Apple announced on Monday the launch of an Apple Card savings account issued through Goldman Sachs, offering an annual percentage yield (APY) of 4.15%. On its official website, Apple stated that this interest rate is 10 times the national average interest rate in the United States.

Apple noted that the Apple Card savings account has no minimum deposit or balance requirements. U.S. users can apply for it through the Wallet app on their iPhones. After entering information such as their name, mobile phone number, date of birth, and address, users are also required to link their U.S. bank account details with Goldman Sachs.

Apple further said that once a user opens a savings account, all Daily Cash earned thereafter will be automatically deposited into this account. In addition, Apple has launched a Daily Cash rewards program for Apple Card, where each purchase made through an Apple account provides up to 3% cash back on the purchase amount.

Users can withdraw funds from their Apple Card savings account at any time or add additional funds to it from their bank account.

On Apple’s official website, Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, said: “This service will help our users earn more interest while providing them with a simple way to save money every day. Our goal is to build a tool that makes users’ financial lives healthier and allows them to seamlessly spend and access their cash.”

The Apple Card savings account is similar to WeChat’s Change Plus (Lingtong). However, the Apple Card savings account is issued by Goldman Sachs’ Salt Lake City branch in the U.S., available only to eligible applicants in the U.S., and requires credit approval. As of press time, the 7-day annualized yield of WeChat Change Plus is 1.95%.