Apple has been making its way into offering financial services. After the launch of Apple Card, the company’s credit card, Apple Cash and Daily Cash, the company teamed up with financial group Goldman Sachs to launch its newest product.
Announced in October 2022, the Apple savings account finally reaches US customers, which, according to the company, yields up to 10 times more than the US national average. The novelty is exclusive to customers who already have an Apple Card.
Considering the scenario of high interest rates that the United States faces, big tech promises a return of 4.15% per year — profitability, however, can change without notice, depending on the situation of the rates practiced in the country. According to the US central bank (Federal Reserve), the interest range in the country is between 4.75% to 5% per year.
How does “Apple’s investment bank” work?
The savings account is managed by the Wallet application, or Wallet, allowing Apple Card users to easily and simply track and manage amounts — including Daily Cash cashbacks — eliminating the need to download extra apps.
According to the company, no fees are charged, minimum application and there is no withdrawal limit for savings. In a statement, Jennifer Bailey, vice president of Apple Pay and Apple Wallet, says that the goal is to build tools that help users have a healthier financial life, allowing them to “spend, send and save money, all in one place”.
It is also possible to make deposits through other banks or through Apple Cash — Apple’s prepaid virtual card. Brazilian iPhone users have access to the Wallet application, but only to gather cards from other banks and allow approximation payments on the device.
Source: Value Invest
