On Monday, Apple, in partnership with Goldman Sachs, Declare The new high savings account for Apple Card users. You may wonder what all this means.
Simply put, you can now put your daily cash rewards – the Apple name for the small money recovery amounts you get to use the Apple card – in the savings account with an annual percentage (APY) by 4.15 %.
This is much higher than the rate you will get to keep the money in the regular savings account in a traditional bank. As a comparative point, Bank of America 0.01 % APY gives you. Be careful, although Apple said APY could change at any time.
And most importantly, Apple will also allow you to add money to the high -yield savings account directly from your current bank account, which means that you can only empty thousands of dollars there (up to $ 250,000) and see some dangerous revenues. (If you choose to place a large part of the change in the Apple high savings account, I would like to hear from you; send me an email on Pranav.dixit@buzfeed.com.)
This step is the latest in paying Apple to financial services. Last month, Apple added the “Buy Now service, pushing later” to the Apple card, which allows you to pay for your purchases for six weeks without any benefit. This feature places the technology giant in competition with companies like Clarena and confirmation.
“Our goal is to build tools that help users to lead healthy financial spirits, and to build savings on the Apple card in Wallet allowing them to spend, send and provide daily cash directly and smoothly – all of this from one place,” Jennifer Billy, Vice President of Apple Pay and Apple Wallet said in a statement.
The feature is currently available only in the United States. It is important to note that Appy Appy from Apple It is not the highest available. But if you already have a daily money from using your Apple card, storing it in the savings account can be accessed directly from the application of the wallet on your iPhone is an irrational matter.