What you should know
- In collaboration with Goldman Sachs, Apple launched the Apple Card Savings Account in April, with an annual percentage yield (APY) of 4.15%.
- The APY has now been increased to 4.25%, with Apple notifying users of the increase via a push notification.
- The Apple Card Savings Account allows users to automatically deposit their Daily Cash rewards into a high-yield savings account within the Wallet app, and also add extra funds using a linked bank account or their Apple Cash balance.
- There are rumors that the partnership between Apple and Goldman Sachs may end, with Apple reportedly exploring new partnerships for its Apple Card, potentially with J.P. Morgan’s Chase.
Full Story
April this year saw Apple and Goldman Sachs pull off a joint venture. They introduced the Apple Card Savings Account, promising an annual percentage yield (APY) of 4.15%. Fast forward a few months, and we’re seeing the first hike in the interest rate.
9to5Mac spilled the beans on this. Apple Card Savings Account customers can now expect a 4.25% APY. That’s a smidge up from the 4.15% APY offered since the account’s launch. Apple spilled the news of the increased interest rate via a push notification to its users.
This account isn’t for everyone, though. It’s exclusive to Apple Card users. The Apple Card Savings Account lets users auto-deposit their Daily Cash rewards into a high-yield savings account. And where’s this account? Right in the Wallet app.
But there’s more. Besides the auto deposit of Daily Cash, Apple Card users can add extra dough. They can use a linked bank account or their Apple Cash balance. Interest piles up daily and gets paid out at each month’s end.
This increase in the interest rate is good news for Apple Card Savings account holders. It translates to more interest earnings on their savings. The Apple Card, run through the Wallet app, boasts millions of users. Collectively, they hold over $10 billion in associated savings accounts.
Apple handles the card through its app, but Goldman Sachs takes care of the backend operations. However, the grapevine has been buzzing with rumors. Apparently, the partnership between Apple and Goldman Sachs might be nearing its end. Word is, Apple’s scouting for new partners for its Apple Card.
Nothing’s set in stone yet. But earlier reports hinted at J.P. Morgan’s Chase as a potential replacement for Goldman Sachs. Interestingly, they passed on the Apple Card initially.
 of its Apple Card Savings Account from 4.15% to 4.25%, offering higher interest earnings for its users.){kind=link}