Investing.com – Apple (NASDAQ: ) on Monday announced the launch of its Apple Card savings account program with an annual interest rate of 4.15%.
The account does not require a certain minimum amount, and customers can open and manage the account through the wallet app on their phones. The only stipulation is that users must have an Apple Card to open a savings account, and the service has so far been limited to US residents and non-residents, who are above 18 years of age and have an account limit of US$250,000.
All daily cash rewards earned through the Apple Card are automatically deposited into the savings account, the company said in its press release. DailyCash is an Apple Card rewards program that earns up to 3% cash back on purchases. Users can change their daily money deposit location at any time and also add money from their bank account to increase their earnings.
Apple launched a savings account with Goldman Sachs (NYSE:
According to the Federal Deposit Insurance Corporation, the average annual return on savings accounts in the U.S. is just 0.35%, so Apple’s 4.15% APY pales in comparison. But competitive savings accounts offered by major credit unions, online banks and traditional banks can offer customers better, more competitive returns.
Apple Card Savings users can manage their accounts through a dashboard that appears in the Wallet app, where they can monitor their interest and account balance or withdraw money.
The feature is now rolling out in the Apple Wallet app on iPhones.
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