Apple has announced that American Apple Card users can link their credit card to their iOS Wallet and use a Savings savings account with Goldman Sachs with an interest rate of 4.15 percent. This provides the opportunity to save money at an attractive interest rate without additional costs. In addition, the account has no minimum deposit or balance requirements, although there is a limit of $250,000 for the deposit.
Although it is a savings account, the money can be withdrawn and transferred to an Apple Cash card or alternative payment account at any time. This makes the savings account almost function as a checking account. It is important to note that the savings account is only available to American Apple Card holders and cannot be opened in the Netherlands.
Apple has introduced various financial products in recent years, including its own credit card that allows users to earn kickbacks on purchases. The so-called ‘kickback’ can be deposited directly into the Savings savings account. With this announcement, the company seems to want to venture further into the financial world, although the account is managed by Goldman Sachs.
The interest rate of 4.15 percent is higher than most short-term savings accounts. While long-term investments often offer similar interest rates, the interest rate of the Apple Savings account is attractive to those who want to grow their savings in the short term. However, it is important to remember that interest rates can change and that it is wise to regularly check current interest rates.
Unlike other savings accounts, the Apple Savings account is directly accessible from the iOS Wallet, making it easy to view the balance and perform transactions. However, it is important to remember that the savings account is not intended as a checking account and that there is a limit on what users can deposit.
In conclusion, Apple’s Savings savings account with Goldman Sachs offers an attractive interest rate of 4.15 percent to American Apple Card users at no additional cost. Although it is a savings account, the money can be withdrawn and transferred to an Apple Cash card or alternative payment account at any time, making the savings account almost function as a checking account. Although the account is managed by Goldman Sachs, it seems that Apple wants to venture further into the financial world. The interest rate is higher than most short-term savings accounts and offers an attractive option for American Apple Card holders who want to grow their savings. However, it is important to remember that interest rates can change and that it is not a checking account
