Apple launched its credit card in 2019 in partnership with US financial giant Goldman Sachs. After issuing millions of credit cards, the two companies partnered again to open a Savings account.
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"Apple today announced a new Savings account for Apple Card that will allow users to save their Daily Cash and grow their rewards in a high-yield Savings account from Goldman," Apple said in its post.
The savings account service is currently limited to the United States and will allow Apple Card users to store the Daily Cash they earn in the account.
For those who don't know, Daily Cash is the rewards that Apple Card users earn on their transactions. Apple Card users can create their savings account in Wallet and the Daily Cash they earn will be deposited into the savings account.
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No commissions or minimum balance requirements
Apple revealed that its savings account will have no fees and users will be able to sign up for the account for free. Additionally, the account will not have a minimum balance or minimum deposit requirements. This means you can sign up for the account without worrying about maintaining a minimum balance.
See how deposits and withdrawals will work
Apple has said that users can freely deposit and withdraw money from their Apple savings account through a linked bank account.
“Users can also deposit additional money into their Savings account through a connected bank account or from balance . Users can also withdraw money at any time by transferring it to a connected bank account or to their Apple Cash card, without charge,” Apple added.
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Apple claims it will offer high interest
Apple claimed that its account will have “high returns.” In a statement to CNBC, an Apple spokesperson said the interest rate will be “competitive, with the best interest rates available, and will be the same for all users.”.
Information source: businessinsider.in
