Apple is expanding its payments service offering with a new savings account option for users.
on Monday, Apple announced A new feature – Apple Card Savings Account by Goldman Sachs with an annual percentage yield (APY) of 4.15%, which is 10 times higher. National average 0.35%.
According to the press release, Apple Card savings accounts have no fees or minimum deposit or balance requirements and can be set up directly in the iPhone’s Wallet app.
“Savings helps our users get more value from their favorite Apple Card benefit — Daily Cash — while giving them an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. statement
Related: Apple Pay rolls out to select users later — here’s how it works
Savings account holders can periodically access their account balance and interest in the Savings Dashboard found in Apple Wallet. There are also restrictions on the service. Users must have an update of at least iOS 16.4 Transfers to and from Apple Cash must be between $1 and $10,000, you cannot transfer more than $20,000 per week. Accounts can only hold up to $250,000.
Source: Apple
“Our goal is to create tools that help users live a healthy financial life, and building Apple Card Savings into Wallet enables them to spend, send and save daily cash — all from one place,” Bailey said.
A high-yield savings account created specifically for Apple with Goldman Sachs. However, the company did not mention whether the rate will remain at 4.15% APY forever, meaning the rate could go up or down in the future.
Related: Should you consider a high-yield savings account? Here’s what you need to know.
Payment services have increasingly become part of Apple’s business as revenue has grown steadily since the introduction of Apple Pay in 2014. Apple CFO Luca Maestri said on an earnings call in February that payment services “continue to set new heights for us all the time,” Per Yahoo Finance.
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