Apple launched its Apple Card savings account

 



Apple launched its Apple Card savings account on Monday, offering a 4.15% annual percentage yield, which is more than 10 times the average U.S. savings account rate.

 Users can open an account directly from Apple’s Wallet app on their iPhones.

  • The new service is available to Apple’s credit card customers.
  • The tech giant is also partnering with Goldman Sachs to provide the new service.
    • Deposits will sit with Goldman, which as a licensed bank has access to FDIC insurance.
  • Apple’s new savings account does not require any minimum deposit or balance.
  • The new savings account adds to Apple’s growing payments and financial services.
    • Last month, Apple launched its “buy now, pay later” service called Apple Pay Later.
  • According to the FDIC, customers have withdrawn more than $800B in deposits from U.S. commercial banks since March 2022, when the Federal Reserve began raising rates.

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