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Apple launches savings account

Apple launches savings account

Apple has launched its long-trailed Apple Card savings account from Goldman Sachs with a 4.15% annual percentage yield.

American users can set up and manage a savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance requirements.

All Daily Cash rewards earned through the Apple Card will be automatically deposited into the savings account. Users can deposit additional funds through a linked bank account, or from their Apple Cash balance.

Once set up, Apple Card users can keep track of money in Wallet through a Savings dashboard, which shows their account balance and interest accrued over time.

The 4.15% APY is more than 10 times the national average, according to FDIC data.

Jennifer Bailey, VP, Apple Pay and Apple Wallet, says: “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place."

Goldman has been Apple's partner on the credit card since its launch in 2019. However, the tech giant has since made moves to ensure independence in the financial services arena.

Apple was long-rumoured to be using Goldman Sachs for the loans for its new BNPL play. However, Goldman is only facilitating the service as the technical issuer of the loans and the official BIN sponsor, with Apple making the loans directly through a new subsidiary.

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Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 18 April, 2023, 12:14Be the first to give this comment the thumbs up 0 likes

When RobinHood launched a checking account, regulators shut it down saying it does not have a banking charter and can't call it checking account.

Any idea how the regulator is permitting Apple to call it Apple Card Saving Account when Apple does not have a banking charter?