If you’re an Apple Card user, you now have the option of getting a high-yield savings account with leading investment bank Goldman Sachs.
This 4.15% high-yield savings account is Apple’s way of providing its customers with a holistic experience when it comes to financial services. Indeed, those who choose to avail of the account can deposit the 3% cash back they get on selected purchases using the Apple Card on top of any other money they may want to deposit.
In a related statement, Apple Pay and Apple Wallet vice-president Jennifer Bailey say this joint offering between Apple and Goldman Sachs will help users get more value out of the Apple Card’s Daily Cash feature by serving as an easy and convenient way of saving money on a regular basis.
For the long term, Apple hopes to offer more tools to help ensure its customers’ financial security and they’re starting this by adding a savings feature to the Apple Card to allow them to spend, spend, and save money in a single handy space.
As a way of appealing to customers who balk at such offers, the tech giant gave the assurance that the Goldman Apple Card savings account is ensured under the FDIC.
Unfortunately, it’s Apple Only
However, there is a drawback to this new financial offering: it’s only available for those using Apple devices as one can only get an Apple Card if your main phone is an iPhone or if you use a Mac, an iPod Touch, or even an iPad.
Despite this, personal finance website Bankrate hailed the Apple Card savings account for offering the convenience of high-yield savings account together with a no-fee / rewards-earning credit card.
But for those who want to avail of high-yield savings products without needing to tie themselves to the Apple bandwagon, there are now numerous options available at FDIC-insured online banks.
The Advantage of Online Savings
At the moment, savings rates at the largest commercial banks remain under 1% – something which has prompted many financially-savvy individuals to seek alternatives that offer higher returns on savings.
The 4.15% offered by Apple via Goldman Sachs currently ranks 11th on Bankrate’s list of highest-yielding savings products. The top choice, UFB Direct currently offers 5.02; three other ranked banks – Citizens Access, LendingClub Bank, and Rising Bank – offer 4.25%