As if Apple wasn’t omnipresent enough in our lives, the tech giant is now offering Apple Card users the opportunity to open a savings account on their iPhones.
The feature was originally announced back in October 2022 as a way for Apple Card owners to save their Daily Cash rewards and grow them “in a high-yield Savings account from Goldman Sachs.” Some speculated the APY (annual percentage yield) would be 3.75 percent, but as it turns out, it’s actually 4.15 percent which the company claims is currently “more than 10 times the national average”. Be aware the APY isn't set in stone as it could jump up or dip at any time in the future. Besides the high yield, it functions similarly to any old savings account you get at a typical bank with the added benefit of having “no fees, no minimum deposits, [plus] no minimum balance requirements”.
