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Apple Dives Deeper into Banking by Launching a High-Yield Savings Account

Apple announced the launch of its new savings account on Monday. The iPhone maker’s new banking product, only six months after the announcement of the new product last fall, is now available to people with an Apple credit card and pays a juicy 4.15% interest rate.

Following this launch, Apple Card users may utilize the Wallet app on their iPhones to start a savings account with a 4.15% annual rate. The savings account is only offered to Apple Card holders who are eligible.

Apple’s Savings Account: How You Can Get One Too? 

Goldman Sachs, the bank behind the new savings account, will issue the Apple Card. When you open a savings account, your Apple Card cash-back rewards will be transferred automatically as you earn them. However, you can choose to opt out of this.

You can also transfer money from a linked bank account or your Apple Cash balance into your savings account. The Wallet app lets users view their balances, withdraw funds, and deposit money. The maximum balance is $250,000.

The requirements for users to open Apple’s savings account include: 

  • Aged 18 or more age
  • Have an active Apple Card on your iPhone
  • A Social Security or taxpayer-identification number
  • A U.S. resident with an acceptable physical address
  • Use of two-factor authentication with your Apple ID
  • Use of the most recent version of iOS

However, the deposit account agreement states that possessing an Apple Card is not necessary for users to keep their accounts open.

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