If you’ve got an Apple Card, now you can sign up for a savings account through Apple, too.
Originally announced back in 2022, Apple has now finally launched a new feature for Apple Card owners: the ability to open a savings account directly on iPhone. On top of just being a traditional savings account, this new account will let users grow their Daily Cash rewards, too. Basically, Apple Card users get Daily Cash rewards where you can enjoy a percentage of the money you spend returned to you as a free bonus, and that cash can go directly into an Apple savings account to turn into even more cash.
Interestingly, you’ll also be getting a 4.15% APY with the Apple savings account, and Apple calls this “more than 10 times the national average.” Conveniently, Apple savings accounts also come with “no fees, no minimum deposits, [and] no minimum balance requirements” like you often see with savings accounts at a bank. Plus, outside of Daily Cash rewards, you’ll be able to transfer in money like you would a traditional savings account.
There are some limitations, though. This is only a service available for US customers, as US customers are the only folks who can open an Apple Card, and you will need an iPhone with iOS 16.4 or later. Plus, there’s a maximum balance of $250,000, and transfers must be between $1 and $10,000 with a $20,000 weekly limit. For more information and instructions on how to open an Apple savings account, check out Apple’s website.
While a savings account isn’t necessarily the sexiest thing imaginable, a free and easy way to save your money right on your phone and even earn a little extra cash is a nice bonus to have if you’re an iPhone user.
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