In the U.S., the Apple Card provides a high-yield Savings account that outpaces the interest rates of typical bank savings accounts, though its annual percentage yield (APY) dropped this week from 3.90% to 3.75%. Introduced in April 2023 through a partnership with Goldman Sachs, this account is accessible via the iPhone’s Wallet app, featuring no fees, no minimum deposit, and no minimum balance requirements. Eligibility requires an Apple Card, U.S. residency, and a minimum age of 18.
Apple Card holders can earn interest on their Daily Cash cashback, as well as on funds transferred from a linked bank account or Apple Cash balance. The account’s maximum limit recently increased to $1 million from $250,000.
Initially launched with a 4.15% APY, the rate has varied, often tracking shifts in the U.S. Federal Reserve’s benchmark rate. It hit a high of 4.5% in early 2024, with the current 3.75% marking its lowest point yet.
MacDailyNews Note: To set up an account in Apple’s Wallet app, tap your Apple Card, hit the three-dot circle, select Daily Cash, and choose Set Up next to Savings.
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