Apple is launching its high-yield savings account for Card owners in the US after a months-long wait. Sign up for the 4.15 percent annual percentage yield offering and you can either transfer money (from your Apple Cash balance or a linked bank account) or automatically deposit your Daily Cash from purchases. There are no fees, balance requirements or minimum deposit amounts, and you can withdraw money at any time.
Like with Apple Card itself, Goldman Sachs provides the savings account. The concept is somewhat similar to Goldman’s “Marcus” account, which offers a 2.15 percent yield with comparable flexibility. Both Marcus and Apple’s account are built for mobile users who aren’t keen on setting foot inside a bank. The difference, of course, is that Apple’s is tied to the iPhone’s Wallet app.
The savings account requires at least iOS 16.4. There are also a few limitations. You can’t have more than $250,000 in the account, and transfers to or from Apple Cash have to range between $1 and $10,000. You also can’t transfer more than $20,000 per week.
The debut comes just weeks after the company introduced Apple Pay Later to help American users split online purchases into interest-free payments. As with that service, the Apple Card savings account is believed to be part of a larger strategy that brings more financial services in-house. These not only let Apple control more of its customer experience, but help it keep users in the ecosystem. You may stick to iPhones knowing you can easily build funds.
This article originally appeared on Engadget at https://www.engadget.com/apple-card-holders-can-now-sign-up-for-a-high-yield-savings-account-142024930.html?src=rss
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