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Apple launches its Apple Card Savings account, announced in October 2022, letting users deposit Daily Cash rewards into a 4.15% high yield account with no fees

Months after its first announcement, Apple Savings is now available to Apple Card users, with users able to route Daily Cash rewards …

AppleInsider William Gallagher

Discussion

  • @chancehmiller Chance Miller on x
    Apple Card Savings Account is now live! Took less than two minutes to sign up. https://twitter.com/...
  • @michaelmiraflor Michael J. Miraflor on x
    Feels like a huge milestone for Apple's gradual diversification into services. 4.15% APY is fairly competitive. Notable how Goldman's (Apple's banking partner) own high-yield savings account Marcus is at 3.9%. https://www.wsj.com/...
  • @wilfredfrost Wilfred Frost on x
    Striking about the Apple savings product - it's offering more (4.15%) than the pure GS Marcus equivalent (3.9%), and yet GS, who are powering the product will have to share their margin with Apple. Offer more, get less. The power of Apple. https://www.ft.com/...
  • @benedictevans Benedict Evans on x
    New Apple Savings account. has launched. Very slick as ever. I wonder why it requires an Apple (credit) Card (and why it doesn't get top-level treatment within the wallet UI - it's a little buried) https://www.apple.com/...
  • @munster_gene Gene Munster on x
    Rough day for old school banks in their effort to win savings deposits. $AAPL announces Apple Card savings account with 4.15% annual percentage yield and no minimum. For comparison Citi Savings pays 0.10% and Wells Fargo 0.15%. https://twitter.com/...
  • @merrynsw Merryn Somerset Webb on x
    4.15%.. not bad at all! https://www.bloomberg.com/...
  • @nikitabier Nikita Bier on x
    The entire economy is on just one conveyor belt, waiting to be swallowed by Apple. https://twitter.com/...
  • @munster_gene Gene Munster on x
    If you can deposit more than $1m, Citi bumps their rate to 3.75%. In other words, Apple is giving a better deal with no minimum than bigger backs with huge minimums. https://twitter.com/...
  • @patrickmcgee_ Patrick McGee on x
    On whether @apple is now a bank: Via: Apple and Goldman offer US savings account with 4.15% annual interest https://enterprise-sharing.ft.com/ ... ⁦@christianbowens⁩ https://twitter.com/...
  • @trungtphan Trung Phan on x
    Apple Card offering 4.15% on a high-yield savings account: • Says the rate is “more than 10x the national average” • No fees, no minimum deposits, and no minimum balance • FDIC for max balance of $250k https://twitter.com/...
  • @goldmansachs @goldmansachs on x
    Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs. We are excited to introduce this new offering as we help consumers live healthier financial lives. https://www.apple.com/...
  • @matthewstoller Matt Stoller on x
    This is seriously messed up. Apple is launching a plan to move the entire economy into using Apple Cash. https://techcrunch.com/... https://twitter.com/...
  • @pradeepviswav @pradeepviswav on x
    The maximum balance for this high-yield Savings account is $250,000. Also, Goldman Sachs can change the interest rate and APY at any time. https://www.bigtechwire.com/ ... https://twitter.com/...
  • @teroterotero Tero Kuittinen on x
    Not Apple killing regional banks https://twitter.com/...
  • @brandonbutch Brandon Butch on x
    Apple Card's new high-yield Savings account is now available, offering a 4.15% APY No fees, no minimum deposits, and no minimum balance requirements. https://www.apple.com/... $AAPL
  • @hugh_son Hugh Son on x
    4.15% APY is not shabby @Apple , I wonder if this adds to pressure on banks who now are paying up to hold onto deposits 💸👇 https://www.cnbc.com/...
  • @iswupdates @iswupdates on x
    The Apple Card Savings account is now available in the US. Requires iOS 16.4 or later. Props to @aaronp613 for discovering it early https://www.apple.com/... https://twitter.com/...