Apple has partnered with Goldman Sachs to launch a new banking service that is now available to Apple Card users. This high-yield account offers a return of 4.15%, more than ten times the national average in the United States. It is even better than most savings accounts in India, including those from major public and private banks like SBI, HDFC Bank, Axis Bank and ICICI.
Apple Card users can easily set up and manage their savings accounts directly from their Apple Card in Wallet with no fees, no minimum funds, and no minimum balance required. The cash rewards that users earn each day are automatically credited to a savings account. The Wallet panel allows users to track their account balance and interest rates over time, and users can withdraw funds at any time through the savings panel by transferring them to a linked bank account or to their Free Apple Cash card.
Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said the Apple Card Savings feature "helps our users get more value from their favorite Apple Card feature, Daily Cash, while providing a convenient way to save money every day". Apple's goal is to create tools that can help users live a better financial life. By integrating Apple Card deposits into Wallet, users can now easily use, send, and store Daily Cash from a single place, making makes it a smooth process.
In addition to the savings benefit, Apple Card offers several other financial benefits, including no fees, daily cash per purchase, and features to help users pay lower interest rates on their Apple Card balance. Apple's focus on privacy and security is also reflected in the features of Apple Card. The inclusion of this new savings account feature demonstrates Apple's commitment to providing users with innovative and convenient financial tools.
While Apple's push into financial services has not always been smooth, with delays in the launch of its "buy now, pay later" service, the tech giant remains committed to offering innovative financial products and services to its customers.
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