05.05.2023
Apple CEO Tim Cook this week said initial response to the new Apple Card Savings feature has been "incredible" following its launch last month. Speaking on Apple's quarterly earnings call,
Speaking on Apple's quarterly earnings call, Cook said both the savings account and the new Apple Pay Later financing feature help customers to live a "healthier financial life," adding that he is "very excited about the first days of both of them."
Apple Card users can now open a high-yield savings account from Goldman Sachs and start earning interest on their Daily Cash cashback balance and other deposited money, with no fees or minimum balance requirement. The account currently offers a 4.15% APY, a rate Apple said was "more than 10 times the national average" as of late March. The account can be set up and completely managed in the Wallet app on the iPhone.
Forbes this week reported that around 240,000 Apple Card savings accounts were opened in the first week, citing sources familiar with the matter.
The U.S. Federal Reserve raised its benchmark interest rate by 0.25 percentage points on Wednesday, but the Apple Card savings account's APY remains unchanged for now. It's unclear if or when Goldman Sachs will increase the account's APY in response to the rate hike, as many other banks offering high-yield savings accounts commonly do.
Apple's credit card and the savings account are available in the U.S. only.
Tags: Tim Cook, Apple Card
This article, "Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone" first appeared on MacRumors.com
Discuss this article in our forums
You may also be interested in this
iOS 17’s StandBy mode fee…
06.08.2023
iOS 17, which was announced on Monday, has a lot of new features. But one of the features that immediately caught my attention was StandBy, a new mode that shows
Amazon’s early Prim…
07.08.2023
Early Prime Day 2023 iPad deals have reached a fever pitch, with hidden markdowns on iPads driving prices down to as low as $249.99 and Apple Pencil models as low
Apple announces new Pride…
05.09.2023
Apple today announced its new 2023 Pride band for Apple Watch. The new Pride Edition Sport Band features speckled rainbow-colored pills on a white background, and will be available to
Bird Buddy is a Fun iPhon…
07.18.2024
Most iPhone-connected smart home products are more for convenience than fun, but Bird Buddy, a bird feeder that sends pictures to your iPhone, is definitely in the latter category. When
Auto-Populate iPhone Home…
07.25.2024
Do you find yourself frequently scrolling through multiple Home Screen pages on your iPhone to get to the apps you access most often? If so, chances are you've already filled
Apple manufacturer Wistro…
05.02.2023
Wistron, Apple's assembly partner for the iPhone SE, is allegedly preparing to wind down most of its operations in India, with the company rumored to withdraw most of itself from
Foreign smartphone sales …
01.03.2025
Apple’s iPhone 16 Pro’s and iPhone 16 Pro Max’s 48MP Fusion camera, a 48MP Ultra Wide camera, and 5x Telephoto camera. November shipments of foreign-branded smartphones, including Apple’s iPhones, to
Chrome for iOS adding min…
06.20.2023
Google is updating Chrome on iOS to better integrate with Calendar, Translate, and Lens, with a mini Google Maps experience being particularly interesting. more… The post Chrome for iOS adding
