In recent years, Apple has expanded its offerings beyond hardware and software to include services like Apple Music, Apple TV+, and Apple Pay. Now, the company is branching out into the banking sector with its new savings account, Apple Savings.
Here’s everything you need to know about Apple Savings and how it compares to other savings accounts on the market.
What is Apple Savings?
Last week, Apple announced a new offering partnering with Goldman Sachs. Apple Card holders can now apply for a high-yield savings account that pays 4.15% APY. Through this, Apple hopes to help its users lead healthier financial lives by allowing its customers to save and earn more interest.
Users do not have to pay any additional fees, no minimum deposits and no minimum balance requirements. Upon signing up, all earnings through Daily Cash will be automatically deposited into the user’s account. Through the “Wallet” application on iPhones, users will easily be able to view their balance and interest earned through the dashboard.
How do I sign up?
Signing up is a rather simple and seamless process. Users can sign up via the Wallet app and fill out an application for an Apple card. Users also have the option of sharing an Apple Card with friends and family by setting up Apple Card Family.
Once your application is approved, users have to accept the offer within 30 days and can then start using the card for their payments.
Am I eligible?
There are a few requirements to meet. Some key criteria are:
- Depending on where you live, you must be 18 years or older.
- You must be a U.S. citizen or a lawful resident with a valid, physical U.S. address that’s not a P.O. Box.
The other criteria can be found here.
What are the benefits to me?
Customers can easily view their account balance, transfer money, and set up automatic deposits using the app. The app also provides personalized savings goals and suggestions to help customers reach their financial goals.
Another benefit of Apple Savings is its competitive interest rate. The rate offered by Apple is more than 10 times the National Average. This means that customers can earn more interest on their savings with Apple Savings than with many other savings accounts on the market.
Final thoughts
This is an interesting space to watch as both Apple and Goldman Sachs look to benefit greatly from this deal. Apple now has another step into the financial services sector and Goldman Sachs now has greater access to consumers through Apple.
This could also mean pulling market share into Apple’s favor in the US as the Savings account is only available to customers with an iPhone or iPad. This excludes customers who use Android devices or who don’t own a smartphone or tablet.
Disclaimer: The information presented is not intended to be financial advice and readers should seek professional advice before making any financial decisions. The author and publisher are not responsible for any losses or damages that may result from the use of the information presented in the article.
https://www.forbes.com/sites/moorinsights/apple-makes-more-fintech-moves-with-high-yield-savings-account-from-goldman-sachs/
https://www.trustedreviews.com/news/apple-card-users-can-now-open-a-savings-account-4318508
https://www.skyfilabs.com/blog/8-benefits-of-participating-in-robotics-competitions-for-kids
https://www.flickr.com/photos/qiaomeng/
https://pixabay.com/photos/apple-inc-mac-apple-store-store-508812/