Apple Card users in the US can now access Apple Savings Account.
A few months after being announced, Savings Account is now live and available for Apple Card users. The service acts as a bank account and holds money transfers from different banks or cash-back rewards. Goldman Sachs serves as the backer and gives a 4.15% interest rate. Apple markets Savings Account as a ‘destination’ for Daily Cash rewards and doesn’t support direct purchases through Savings.
Apple has listed its Savings Account terms and conditions in the Deposit Account Agreement. A minimum balance is not required to open a savings account, though there’s a maximum balance limit of $250,000. It’s worth noting that the max balance limit is due to Account Savings being FDIC-insured and the $250K is the standard consumer limit for the insurance.
Those interested can set up their Apple Savings by going to the Wallet app, Apple Card, and going to the ‘More’ button and Daily Cash.