Apple’s savings account offering an interest rate of 4.25 percent is being touted as one of the most promising return rates in the US right now.
Is Apple Becoming a Bank or an Insurance Company? Here’s what you need to know about Apple’s 4.15 percent savings plan specifically, and the company’s foray into finance in general
Apple, which offers one of the most expensive premium devices including iPhones, iPads and MacBooks, has launched a high-yield savings account offering a high 4.15 percent interest rate, which is 10 times the national average in the US. times more.
The 4.15 per cent offered by the scheme in partnership with Goldman Sachs is being seen as one of the most promising return rates in the US right now. Is Apple Becoming a Bank or an Insurance Company? Here’s what you need to know about Apple’s 4.15 percent savings plan in particular, and the company’s foray into finance in general:
Apple Savings Account: What’s So Special?
- The Apple Savings Account is offering an interest rate of 4.15 percent, which is more than 10 times the national average of 0.35 percent. This compares to Bank of America’s APY of 0.01 percent, Wells Fargo’s 0.15 percent, Chase’s 0.01 percent and the national average APY of 0.35 percent on savings accounts in the US.
- There is no minimum deposit and no minimum balance requirement. Apart from this there is no fee.
- There is deposit insurance for a maximum balance of $250,000.
- Users can easily set up and manage their savings account with Apple Card directly in Wallet.
- Apple Savings Account integrates seamlessly with Apple Wallet, and offers automated savings features and goal-setting tools.
- Once the savings account is set up, all ‘Daily Cash’ earned by the user will be automatically credited to the account
“The Daily Cash destination can be changed at any time, and there is no limit to how much Daily Cash users can earn. To stretch their savings even further, users can deposit additional funds into their savings account through a linked bank account or from their Apple Cash balance,” Apple said in a statement.
Users can withdraw funds through the Savings Dashboard at any time by transferring them to a linked bank account or their Apple Cash card without any fees.
Apple’s journey in finance so far:
big pay
In 2014, the company entered the finance sector with the launch of Apple Pay. It is a mobile payment and digital wallet service for contactless payments.
apple card
The company forayed into finance in 2019 with the rollout of the Apple Card in partnership with Goldman Sachs. These include instant disbursal, seamless integration with Apple Wallet, real-time tracking of transactions, cashback rewards and credit card management.
apple cash
The company also launched Apple Cash, a peer-to-peer payment service, in 2019. Through this, users can share bills, pay friends and transfer money through iMessage.
Apple Pay Later
Just three weeks ago, the company launched ‘Apple Pay Later’, its ‘Buy Now Pay Later’ feature, which lets users split purchases into four payments with zero interest and no fees through 2023.
A few days back Apple is launching its first two stores in India – Mumbai’s BKC and Delhi’s Saket. The Mumbai BKC store opened to the public on Tuesday, April 18, while Delhi’s Saket store will open to the public on Thursday, April 20.
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