Apple offers a used Apple Card savings account service at a 4.15% deposit rate
Apple has recently launched its Apple Card savings account service within the United States, offering high-interest rates on deposits, with rates reaching up to 4.15%. The account permits deposits up to $250,000, with single transfer amounts ranging from $1 to $10,000 and a weekly transfer limit not exceeding $20,000.
Compared to data published by the Federal Deposit Insurance Corporation, the average savings account interest rate for banks within the United States is a mere 0.37%. Even with Goldman Sachs’ high-interest savings account service, “Marcus,” raising its annual interest rate to 3.9%, the Apple Card savings account service evidently still boasts a more attractive interest rate.
Nonetheless, the Apple Card savings account service has a maximum deposit limit of $250,000 and usage restrictions, such as single transfer amounts between $1 and $10,000, and weekly transfer amounts not exceeding $20,000. However, from the perspective of meeting small deposit requirements, the service still presents enticing usage incentives.
In line with Apple’s other financial services, the Apple Card savings account service is integrated with the Apple Wallet app, enabling users to view their personal savings account usage status through the app.
Users can transfer funds from their Apple Cash or other bank accounts to their Apple Card savings account, accumulating interest at a higher rate. Additionally, the Daily Cash rewards obtained through Apple Card spending can be transferred to the Apple Card savings account, allowing unused Daily Cash rewards to accumulate interest as well.
Currently, this service is only available within the United States and requires devices to be upgraded to iOS 16.4.
The previously introduced “buy now, pay later” service, Apple Pay Later, is also available within the United States and compatible with the iOS 16.4 operating system environment. The service evaluates users’ spending habits to determine a pre-approved credit limit, addressing payment needs for online or in-app purchases ranging from $50 to $1,000. Repayment methods require users to link a bank card or cash card (credit cards are not permitted), which serves as the default repayment method.