The interest rate on the Apple Card Savings Account is superior to that of most banks news by carding forum.
The new account has an annual percentage yield (APY) of 4.15 percent, which is significantly higher than the rates offered by the majority of banks.
On Monday, Apple, in organization with Goldman Sachs, reported another high return bank account for Apple Card clients. You might be curious about what all of this means.
Simply put, you can now deposit your Daily Cash rewards into a savings account with a 4.15 percent annual percentage yield (APY), which is Apple's name for the small cashback amounts you receive for using an Apple Card.
That is a rate that is significantly higher than what you would get if you kept your money in a standard savings account at a conventional bank. As a place of correlation, Bank of America gives you a measly 0.01% APY. However, beware: Apple stated that it can alter its APY at any time.
More importantly, Apple will allow you to add funds to this high-yield savings account directly from your existing bank account. This means that you can simply deposit tens of thousands of dollars (up to $250,000) into the account and expect to receive substantial returns. In the event that you decide to place an immense boatload of cash into an Apple high return investment account, I might want to hear from you; [email protected] is my email address.)
The latest step in Apple's expansion into financial services is this move. Apple Card now includes a "buy now, pay later" service that lets you pay for your purchases over six weeks without incurring interest. The tech giant faced competition from Klarna and Affirm as a result of that feature.
"We want to construct devices that assist clients with having better monetary existences, and incorporating Reserve funds into Apple Card in Wallet empowers them to spend, send, and set aside Day to day Money straightforwardly and flawlessly — all from one spot," Jennifer Bailey, Apple's VP of Apple Pay and Apple Wallet, said in an explanation.
Currently, the feature is only available in the United States. It's important to remember that Apple's APY isn't the best. However, transferring Daily Cash into a savings account that can be accessed directly from the Wallet app on your iPhone is a no-brainer if you already have it from using your Apple Card.