Apple ups the ante: Savings account now offers increased interest rate،
In April this year, Apple, together with Goldman Sachs, unveiled the Apple Card Savings Account, offering an annual percentage yield (APY) of 4.15%. Now, a few months later, the first interest rate increase has been announced.
According to 9to5Mac, customers will now enjoy an APY of 4.25%, a slight increase from the 4.15% offered since the launch of the Apple Card savings account. Apple announced the interest rate increase via a push notification sent to Apple Card savings account users.
Exclusively available to Apple Card users, the Apple Card Savings Account allows users to automatically deposit their Daily Cash rewards into a high-yield savings account within the Wallet app.
In addition to Daily Cash auto-deposit, Apple Card users have the option to add additional funds using a linked bank account or their Apple Cash balance. Interest accrues daily and is disbursed at the end of each month.
Rising interest rates are a positive development for Apple Card Savings account holders, translating into higher interest income on their savings.
The Apple Card, operated through the Wallet app, has millions of users collectively holding more than $10 billion in associated savings accounts. While Apple manages the card through its app, backend operations are handled by Goldman Sachs.
However, recent rumors have hinted at the potential conclusion of the partnership between Apple and Goldman Sachs, with Apple reportedly exploring new partnerships for its Apple Card.
While nothing is confirmed yet, previous reports suggested JP Morgan's Chase could replace Goldman Sachs, although it initially passed on the Apple Card.
