Apple Savings Account With 4.15% Interest Rate Launched - Phones

Apple Savings Account With 4.15% Interest Rate Launched - Phones - Nairaland

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Apple Savings Account With 4.15% Interest Rate Launched by nlfpmod(mod): 7:42pm On Apr 17, 2023

Apple on Monday launched its Apple Card savings account with a 4.15% annual percentage yield. It requires no minimum deposit or balance, Apple said, and users can set up an account from the Wallet app on their iPhones.

Users must have an Apple Card in order to open the savings account.

The company said in a press release that all Daily Cash rewards earned through the Apple Card will automatically be deposited to the savings account. Daily Cash is the Apple Card reward program that offers up to 3% back on purchases. Users can change where their Daily Cash is deposited at any time, and can also add funds from their bank account to build on their earnings.

Apple is launching the savings account through Goldman Sachs.

The national average APY on savings accounts is just 0.35%, according to the Federal Deposit Insurance Corporation, so Apple's 4.15% APY is high in comparison. But competing savings accounts offered by large credit unions, online banks and brick-and-mortar banks can also offer customers a significant APY.

CIT Bank offers a savings account with a 4.75% APY when customers deposit a minimum balance of $5,000. Marcus by Goldman Sachs has a 3.9% APY with no minimum balance or monthly fees. Capital One's savings account has no minimum balance, and users can earn a 3.5% APY. Vio Bank offers a savings account with a 4.77% APY with no minimum balance.

Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and their account balance or withdraw funds.

The feature is rolling out inside the Apple Wallet app on iPhones now. Check the app again later if you don't see it immediately.

https://www.google.com/amp/s/www.cnbc.com/amp/2023/04/17/apple-savings-account-announced-with-4point15percent-interest.html

5 Likes 1 Share

Re: Apple Savings Account With 4.15% Interest Rate Launched by Blake755: 7:45pm On Apr 17, 2023

Cool

1 Like 1 Share

Re: Apple Savings Account With 4.15% Interest Rate Launched by Odetokun3(m): 7:45pm On Apr 17, 2023

I no understand

10 Likes 3 Shares

Re: Apple Savings Account With 4.15% Interest Rate Launched by Seyiemath(m): 7:45pm On Apr 17, 2023

Don’t use it o, unless you want to be brother Bernard

47 Likes 1 Share

Re: Apple Savings Account With 4.15% Interest Rate Launched by Aust1n(m): 7:45pm On Apr 17, 2023

Wow! It’s great but it should be increased 4.15% per annum is small compare to other platforms.. they can do better

2 Likes 1 Share

Re: Apple Savings Account With 4.15% Interest Rate Launched by Seequadry(m): 7:45pm On Apr 17, 2023

Apple account... Not a good initiative for countries with no physical Apple store

38 Likes 5 Shares

Re: Apple Savings Account With 4.15% Interest Rate Launched by faaz24: 7:46pm On Apr 17, 2023

Orange app nko

1 Like 2 Shares

Re: Apple Savings Account With 4.15% Interest Rate Launched by yusfatedeeprof(m): 7:46pm On Apr 17, 2023*

Another way to ensure people are locked-in to the Apple ecosystem, at the same time have access to unlimited money to play with at their disposal and make sh*t-tons of profit from their products sales and other services they render.

68 Likes 2 Shares

Re: Apple Savings Account With 4.15% Interest Rate Launched by alcuin(m): 7:46pm On Apr 17, 2023

This is not fair. Is Apple a bank?

Re: Apple Savings Account With 4.15% Interest Rate Launched by seanwilliam(m): 7:46pm On Apr 17, 2023

Apple leads others follow

2 Likes

Re: Apple Savings Account With 4.15% Interest Rate Launched by cliqtips: 7:46pm On Apr 17, 2023

Re: Apple Savings Account With 4.15% Interest Rate Launched by Misterc(m): 7:46pm On Apr 17, 2023

It's long overdue as Android phones comes Preinstalled with the PalmPay and Opay apps...
But since it's for premium users who already have the apple pay cards...

In other news....... If you're using iphone 8 and below... No need refreshing and restarting your phones to check the features as there's no software OS updates for y'all...

2 Likes 2 Shares

Re: Apple Savings Account With 4.15% Interest Rate Launched by Sirmwill: 7:46pm On Apr 17, 2023

On behalf of Mr Righteousness2

It is Vanity to save your riches on earth but instead save them where they will be safe forever

............. wink

3 Likes

Re: Apple Savings Account With 4.15% Interest Rate Launched by meum: 7:46pm On Apr 17, 2023

Apple Bank

Re: Apple Savings Account With 4.15% Interest Rate Launched by Kabirudeen25(m): 7:46pm On Apr 17, 2023

This people have too much sense I swear. Digital technology is the future!! One day even physical hospitals, schools and military might not even be necessary again. Invest in IT ooo!

7 Likes 3 Shares

Re: Apple Savings Account With 4.15% Interest Rate Launched by Sirmwill: 7:47pm On Apr 17, 2023

cliqtips:
U

1 Like

Re: Apple Savings Account With 4.15% Interest Rate Launched by penearth(m): 7:47pm On Apr 17, 2023

Hmmm 4% a year, 3:small o! Anyway better than nothing

1 Like

Re: Apple Savings Account With 4.15% Interest Rate Launched by BarrElChapo(m): 7:47pm On Apr 17, 2023

Re: Apple Savings Account With 4.15% Interest Rate Launched by Emmanuel909090: 7:47pm On Apr 17, 2023

Nice update, for those that understand.

5 Likes 1 Share

Re: Apple Savings Account With 4.15% Interest Rate Launched by etrange: 7:47pm On Apr 17, 2023

Nice! I think it's about the same as the current average bank rate in the US for fixed deposits. But in addition, this will come with the flexibility of savings accounts (which traditionally has a very low interest rate). So Apple is saying, why leave your money with the bank when you can leave it with us?!

Just wondering, will it allow non US residents to save in dollars?

5 Likes