Apple Savings Account, Apple Card, Release Date & Interest Rates All you need to know

Apple Inc. launched its long-promised high-yield savings account with Goldman Sachs Group Inc. on April 17, 2023, hiring a key partner to delve into financial services. Requires iOS 16.4 to request and manage an account 

New offer allows Apple Card users to get 4.15% interest rate, more than 10 times the national average. Apple announced the product in October as part of a series of new financial offerings. The idea is to generate more revenue from services that have already grown exponentially over the past few years and provide another way to engage consumers with the Apple platform.

Fees Apple Savings account

Apple says that its new Apple Savings account has "no fees, no minimum deposits, and no minimum balance requirements." 

Apple Savings account who can open

The Apple Savings Account is only available to Apple Card holders and co-owners of a credit card. To open an Apple Savings Account, you must be at least 18 years old and your Apple Card must be in "good condition."

How to create Apple Savings account

The Apple Savings Account is included in the Apple Card Wallet app. "Apple Card users can easily set up and manage their savings right on their Apple Card in Wallet," Apple says.

Features of Apple Card

The Apple Card is designed to provide users with a seamless and user-friendly experience. Below are some of its notable features:

1.    Digital-First Experience: Unlike traditional credit cards, the Apple Card is a digital-first credit card that is primarily managed through the Wallet app on iPhone. Users can easily apply for the Apple Card through the Wallet app, and once approved, they can use it for contactless payments with Apple Pay, online purchases, and in-store transactions.
2.    Daily Cash Back: One of the unique features of the Apple Card is its Daily Cash Back program. Users can earn cashback on every purchase they make with the Apple Card. They get 3% cash back on purchases made directly with Apple, such as buying products or services from the App Store, iTunes, and Apple Stores. They also earn 2% cash back on any purchase made using Apple Pay, and 1% cash back on transactions made with the physical Apple Card.
3.    No Fees: The Apple Card does not charge any annual fees, foreign transaction fees, or late fees. This makes it a user-friendly option for those who want to avoid additional charges commonly associated with credit cards.
4.    Transparency and Privacy: Apple has emphasized transparency and privacy with the Apple Card. The card does not have any hidden fees, and users can easily track their spending and manage their payments through the Wallet app. Additionally, Apple does not store transaction data or sell user information to third parties, ensuring user privacy.
5.    Titanium Physical Card: While the Apple Card is primarily used digitally, users also have the option to request a physical titanium card for use in places where Apple Pay is not accepted. The titanium card carries the Apple logo and the card holder's name but does not contain any other details, such as the card number, CVV, or expiration date, providing an additional layer of security.
6.    Enhanced Security: Apple Card is equipped with several security features to protect users' financial information. Each transaction made with Apple Card requires a one-time dynamic security code, which is generated for every purchase and is used to authorize the transaction. The Wallet app also provides users with real-time transaction notifications, allowing them to monitor their card activity closely and detect any unauthorized transactions.


Benefits of Apple Card:

The Apple Card offers several benefits to its users, making it an attractive option for consumers who are looking for a modern credit card experience. Some of the benefits of the Apple Card include:

  • Cash Back: As mentioned earlier, the Apple Card offers a Daily Cash Back program, allowing users to earn cash back on every purchase they make. This cash back can be used for various purposes, such as paying off the balance, making additional purchases, or transferring to their bank account.
  • Financial Tools: The Wallet app provides users with a range of financial tools to help them manage their spending and payments effectively. Users can track their spending, set spending limits, and view their transaction history, making it easier to stay on top of their finances.

Previous Post Next Post