Apple Card Savings Account: 5 Things to Know
Apple’s new Savings account for Apple Card customers can help you earn some extra cash. The new Savings account looks pretty straightforward, but there are some important details to consider before signing up.
Like the Apple Card, Apple Savings accounts are actually managed by Goldman Sachs. As you can see in the image above, the interface for the Apple Savings account is simple and lives within Apple Wallet.
Apple Savings Account Fees
According to Apple and the disclosures from Goldman Sachs, there are absolutely no fees for signing up or using the Savings account. This is by design and isn’t an introductory teaser.
At launch, Apple is advertising an APY of 4.15%. Apple says that’s more than 10 times the national savings rate. While that may be true when tallying up every bank, a quick web search will show that you can get comparable or higher rates elsewhere. Like with other savings accounts, the Apple Card Savings account APY will vary over time.
It’s worth noting that APY (annual percentage yield) isn’t the same as APR and reflects compounding interest.
If you sign up for a new Apple Savings account, all of your Daily Cash will automatically be deposited into it. You can change this setting to direct Daily Cash into your Apple Cash balance if you wish.
The Apple Savings account requires no minimum amount to get started, which means anyone with an Apple Card account can open a Savings account. You can add funds later or wait for automatic Daily Cash transfers.
On the other end of the spectrum, Apple Savings accounts are capped at $250,000. That’s the maximum FDIC insurance on individual accounts. Obviously, most people won’t have to worry about hitting this limit.
Apple Savings accounts are Individual Accounts, which means you can’t share them with your spouse or other family members. That may be fine for some people, but an issue for those with shared finances.