Apple has announced its Apple Card savings account with a 4.15% annual yield. The savings account users can sign up on their iPhones via the Wallet app. Well, it requires no minimum balance or deposit. All users need to set up a savings account is an Apple Card. Apple publicized that they will automatically deposit all Daily Cash rewards that the card accrues to the savings account.
In any case, the Apple card reward program on Daily Cash would offer up to 3% purchase returns. The card users can change where to deposit their Daily Cash anytime. An excellent option for them to raise their returns would be to add money from their bank account. In general, Apple launched the Apple Card savings account via Goldman Sachs. The company believes savings will help users get more returns from the Apple Card benefit.
In addition, the savings account will allow them to save easily daily. The vice president of Apple Wallet & Apple Pay, Jennifer Bailey, says that the company aims to develop tools that will allow Apple users to lead better financial lives. Thus, building the Savings option into the Apple Wallet will enable them to save, send, and spend Daily Cash seamlessly & directly from anywhere. Meanwhile, the FDIC says the 4.15% Apple APY is higher than the national APY.
The Federal Deposit Insurance Corporation publicized that the National average APY is about 0.35% on all savings accounts. But all brick-and-mortar banks, online banks, and large credit union savings accounts provide a higher APY for their customers. For instance, Vio Bank provides a 4.77% APY savings account with no minimum balance. CIT Bank provides a 4.75% APY on savings accounts when users deposit a $5,000 minimum balance.
On the other hand, Capital One offers a 3.5% APY with no minimum balance on their savings account. Goldman Sachs Marcus offers a 3.9% APY on savings accounts with no monthly fees or a minimum balance. Overall, Apple Card users will access their savings accounts via a dashboard on the Wallet App. Thus, they will enjoy flexibility in withdrawing funds and tracking interest. Yet, even the biggest banks' savings rates are still below 1%.
The Federal Deposit Insurance Corporation offers plenty of deals through their insured online banks. UFB Direct offers the highest bank rate at 5.02%, while Apple comes 11th on the bank rate list. Other competing banks include Citizens Access, Rising Bank, and Lending Club Bank. In the meantime, purchasing an FDIC-insured certificate would allow users to access higher rates on three months to one-year savings.
