What Is Apple’s No-Fee Savings Account? (and How to Sign Up)
Apple may be popular for its iPhones and Macs, but in 2019, it released a credit card solution for users in the United States called Apple Card. And in a bid to keep providing users with innovative services, the tech company has built upon the Apple Card and introduced a savings account feature that promises to make deposits even more rewarding.
Below, we’ll discuss everything you need to know about Apple’s high-yield savings account, from the requirements to the sign-up process.
Apple’s No-Fee Savings Account Is for Apple Card Users
In April 2023,Apple announcedthe roll-out of high-yield no-fee savings accounts for Apple Card users. Already, the Apple Card makes you eligible for some cashback rewards—one to three percent—whenever you make an Apple purchase from the physical store, the App Store, the iTunes store, or some select partner brands and stores. And you can track the cashback rewards using the Wallet app on your iPhone.
One of the perks of owning and using an Apple Card is the new savings account supported by Goldman Sachs, which allows you to earn a relatively higher interest on your cashback rewards and every other dollar you decide to save in the account— Apple offers a 4.15 percent annual yield rate. Yet, you don’t have to pay any fees to create the account.
While it’s possible to deposit the cashback rewards into your savings account, you can also deposit funds from any bank account you choose to link. At any given time, you can withdraw funds from your savings account into your Apple Card or a different bank account of your choice. On top of that, Apple’s savings account does not require a minimum deposit or minimum balance.
Requirements for Apple’s No-Fee Savings Account
Apple promises its users a convenient and rewarding experience with the savings account. However, to open and maintain a savings account with Apple:
Once you meet all these requirements, the next thing to do is sign up for your savings account.
How to Sign Up for Apple’s No-Fee Savings Account
As with using many Apple products and services, creating a savings account is pretty simple and intuitive. All you need to do is:
Take Advantage of Apple’s High-Yield Savings Account
Apple is determined to keep users within its ecosystem. So, it makes sense why the company launches a service that ties closely to a product you already own and use. If you already own an iPhone and want to cultivate a savings culture, it makes sense to get an Apple Card.
And if you begin to use your Apple Card, then it makes sense to create a savings account with Apple. While you’re at it, consider exploring other financial solutions Apple offers, such as Apple Cash and Apple Pay.
Apple Pay is one of the best aspects of owning an Apple device. If you haven’t used it before, here are the best reasons to start.
The key is not to spook your friends with over-the-top shenanigans.
The best features aren’t the ones being advertised.
These are the best free movies I found on Tubi, but there are heaps more for you to search through.
Every squeak is your PC’s way of crying for help.
My foolproof plan is to use Windows 10 until 2030, with the latest security updates.
