Apple announced a savings account for Apple Card holders over six months ago, but it’s only now that the feature is finally live. The savings account offers all Apple Card customers a 4.15% annual interest rate thanks to a partnership with Goldman Sachs. And here’s the big catch – the whole thing is only available in the US, at least for now.
According to Apple, the rate is more than 10 times the national average. The Federal Deposit Insurance Corporation website shows that the interest rate in the United States is 0.37% as of March 2023. Previously, Apple had already integrated the cashback program Daily Cash. With Daily Cash, every user who pays with the Apple Card gets 1% back on all purchases. If you also use Apple Pay directly as a payment method, you get a 2% refund. 3% cashback is possible on purchases in the Apple Store and some partners such as Uber or T-Mobile.
The savings account costs no extra fees and does not require any minimum deposits or balance. To apply for an Apple Card, however, you must first submit an application and wait for approval.