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Apple Launches High-Yield Savings Account with 4.15% Annual Interest Rate

April 18, 2023 by Bautis Financial
Apple Launches High-Yield Savings Account with 4.15% Annual Interest Rate

Apple's new high-yield savings account could give banks a run for their money.

On Monday, Apple announced it’s latest product launch. In partnership with Goldman Sachs, the tech giant released a savings account that will yield 4.15% in annual interest. 

Setting up the savings account is straightforward, although users are required to have an active Apple Card. 

Once the account is opened, cash-back rewards from Apple credit card purchases called Apple Cash can automatically be deposited into the interest-bearing savings account. Users can also transfer money from an existing savings account to their Apple Savings account. 

The annual yield is 4.15%, but the yield will shift over time as interest rates change.

In total, the Apple Savings account can hold up to $250,000 in deposits, which are insured by the FDIC. No minimum deposit is required.

As of yesterday, the feature is now available inside Apple’s Wallet app for all Apple Card holders in the U.S.

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Category: Finance NewsTag: Apple, High-Yield Savings Account, Savings Accounts
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