Apple Launches Savings Account with 4.15% Annual Interest Rate... 10 Times Higher Than US Average

Apple, expanding its financial services, has introduced a savings account offering a high annual interest rate of 4.15%.

On the 17th (local time), Apple announced the launch of this Apple Card savings account in partnership with Goldman Sachs. Users can easily open a savings account through the Wallet application on their iPhone. There are no fees, minimum deposits, or minimum balance requirements for opening the account.

Additionally, all accumulated 'Daily Cash' rewards are automatically deposited into this account. Daily Cash is a rewards program that offers up to 3% back when using the Apple Card. Apple confirmed that the Daily Cash targets can be changed at any time and there is no limit on the amount accumulated.

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Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, stated, "Our goal is to create tools that help users lead healthier financial lives," emphasizing, "By opening a savings account within Wallet’s Apple Card, users can directly use, send, and save their Daily Cash." However, Apple did not specify the countries where the savings account can be opened.

Apple highlighted that the interest rate of 4.15% on the newly introduced Apple savings account is more than ten times the average savings account rate in the United States. According to the Federal Deposit Insurance Corporation (FDIC), the average annual interest rate for savings accounts nationwide is 0.35%. Citibank offers 4.75% interest with a minimum balance requirement of $5,000. Capital One’s savings account offers 3.5% annual interest with no minimum deposit requirement.

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