Apple Card offers customers savings interest rate of 4.15%

Customers who use Apple Pay have the opportunity to grow their Daily Cash rewards with a Goldman Sachs savings account. This particular product has a high-yield Annual Percentage Yield (APY) of 4.15 percent.

This interest rate is more than 10 times the national average in the United States, according to the FDIC’s published National Rates and Rate Caps for Savings deposit products.

The Goldman Sachs savings account has no fees, no minimum deposits, and no minimum balance requirements.

Users are able to easily set up and manage their Savings account directly from Apple Card via their Wallet.

When a savings account is set up by an Apple Card user, any future Daily Cash will be automatically deposited into the Goldman Sachs product.

“Daily Cash” is the term used to describe the amount of cashback someone has picked up in their rewards account.

Customers can choose to change their Daily Cash destination at any given time, with there being no limit on how much users can earn.

It is possible for users to boost their savings even further by depositing additional funds into their savings accounts.

This can be done through a linked savings account, or through their Apple Card, with no extra fees.

As part of the account, Apple Card users will be able to access the Savings dashboard in Wallet.

This allows them to track their account balance and the interest rate over the period of time they take out the Goldman Sachs account.

Furthermore, users can choose to withdraw funds at any given time through the Savings dashboard.

This can be done by transferring funds to a linked bank account or to their Apple Card card, with no fees.

It should be noted that there are transfer limits applied to Savings transfers to and from Apple Cash.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, outlined why the tech giant is helping savers get a better interest rate.

She explained: “Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day.

“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”

Last month, the Federal Reserve opted to raise interest rates once again in a bid to mitigate the impact of inflation on the economy.

The 0.25 percentage point rate hike pulled the central bank’s interest rate to 4.75 to five percent.

This represents the ninth consecutive rate increase in the last year and the highest interest rates have been since 2007.

In comparison, interest rates in the US were around zero percent a year ago today.

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