Monday, Apple, in partnership with Goldman Sachs, announcement A new high -performance savings account for Apple card users. You may be wondering what all this means.
In other words, you can now place your daily cash rewards – Apple name for small cash amounts you get to use the Apple card – in a savings account with an annual performance percentage (APY) of 4.15%.
It is a significantly higher rate than the one you get to keep money in a regular savings account in a traditional bank. For comparison, Bank of America gives you a meager 0.01% APY. Be notified, however: Apple said that its APY could change at any time.
More importantly, Apple will also allow you to add money to this high -efficiency savings account directly from your existing bank account, which means that you can simply pour thousands of dollars (up to $ 250,000) and see serious yields. (If you choose to put a huge game of change in a high-efficiency savings account, I would like to hear from you; send me an email to pranav.dixit@buzzfeed.com.)
This decision is the last of Apple's thrust in financial services. Last month, Apple added a service “Buy now, pay later” to Apple Card, which allows you to pay your purchases over six weeks without interest. This feature has put the technology giant in competition with companies like Klarna and Affirm.
“Our objective is to build tools that help users lead a healthier financial life, and the construction of savings in the Apple card in Wallet allows them to spend, send and save daily money directly and transparent – all of a place,” said Jennifer Bailey, Vice -President of Apple Pay and Apple Wallet.
The functionality is currently only available in the United States. It is important to note that APY of Apple Isn't that the highest available. But if you already have daily money using your Apple card, hiding it in a savings account accessible directly from the Wallet application on your iPhone is obvious.
