As part of the expansion of its financial product offerings, Apple on Monday introduced a high-yield savings account for Apple Card holders. A 4.15% interest rate is offered by the account, which is the result of a partnership between Apple and Goldman Sachs.
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How It Works
On Monday, Apple introduced a high-yield savings account in light of increasing demand from customers who are looking to benefit from the changing atmosphere of high-interest rates. Users of Apple Card can open a savings account with partner Goldman Sachs, which offers a 4.15% interest with no minimum investment, no minimum balance limitation, and no charges.
Apple provides some unique facilities that only a few other high-yield savings accounts do. Because the savings account is integrated with the iPhone’s Wallet program, it is at least convenient for iPhone users who have an Apple Card.
The average earnings for customers on bank savings are 0.37 percent. As a result, small and regional banks are taking advantage of this situation by offering incentives such as cash bonuses for new accounts and increased interest rates to attract customers.
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According to Apple vice president Jennifer Bailey: she said Our objective is to provide resources to help customers to lead better financial lives, and adding Savings into Apple Card enables them to spend, transfer, and save Money directly and easily – all from one spot.
Meanwhile, the company has finally opened its first store in India at BKC Mumbai, and now it’s heading towards Delhi for the launch of its second official store.
Apple launches the long promised savings account in Apple Wallet. https://t.co/ASUiPlINlM
— Aaron Zollo (@zollotech) April 17, 2023