Apple Card credit card users in the US will soon be able to open a new “high-yield” savings account, another service that, combined with Apple Pay and consumer credit, is making Cupertino increasingly like a bank. This was announced by Apple, although it is not specified at the moment interest rate To whom this new service will be offered, and it does not appear that it has not yet been set lunch date.
Apple has extended the range Income in the fintech sector When I launched the Apple Card credit card, which was created in cooperation with Goldman Sachs. Among the advantages of this card for example i Daily cashthat’s by saying Cashback Rewardswith cash backs that users get when they use them to make purchases, as a percentage of spending.
Apple Card Cashback Discounts 1% for most purchases: This goes up to 2% when you use Apple Pay and becomes 3% when you buy from Apple or some of its partners like UberAnd the nike or T-Mobile. The account will earn interest on daily refunds and money deposited from a linked account or Apple Cash balance.
As for the new “high yield” savings account, The idea – Apple says – is that Apple Card holders can get daily cash “without commissions, with no minimum deposit and no minimum balance requirements.”
This is not the first savings account offered by a tech company: for example PayPal Recently added a similar one With an annual return of 2.45%and the platform Robinhood I tested similar functions. For its part, Apple, which already offers services such as Buy Now Pay LaterHe seems to have decided that competing with tech companies is no longer enough: now It also wants to compete with banks.
The point is that banks generally tell you the interest rates on savings accounts, while at least for now Apple doesn’t disclose it. Everyone who opens the account will also be able to deposit money From a linked bank account or your Apple Cash balance; Once set, all daily cash received in it will be paid automatically.