Apple Card Savings Account Debuts with 4.15% Interest Rate
Canadians can only continue to dream about having Apple Card in Canada, the iPhone maker’s digital Mastercard offering built right into the smartphone’s Wallet app.
Today Apple announced Apple Card users can now grow their Daily Cash rewards with a high-yield Savings account from Goldman Sachs, which comes with 4.15% annual percentage yield (APY). Apple says this rate is over ten times the national average. The savings account was first announced back in October 2022.
There are no fees, minimum deposits, or balance requirements for this Savings account available directly right on the iPhone.
“Savings helps our users get even more value out of their favourite Apple Card benefit – Daily Cash – while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
After setting up a Savings account, all future Daily Cash earned by the user will be automatically deposited into their account. Users can change the destination for their Daily Cash at any time without limitations on earnings. To further enhance their savings, users can deposit additional funds into their Savings account via a linked bank account or from their Apple Cash balance.
The Savings dashboard in Wallet offers users a simple way to monitor their account balance and interest earned over time. Withdrawals can be made at any time without fees, by transferring funds to a linked bank account or to the Apple Cash card.
Apple Card is available for free and offers Daily Cash on every purchase, and tools that encourage users to pay less Apple Card interest. As always, Apple Card maintains the privacy and security standards users expect from the tech giant. The card is only available in the U.S. and international expansion remains unknown at this point.
We’ll likely never see Apple Card in Canada, unless one of our big Canadian banks wants to give up some control to Apple.