Apple Card users have a reason to celebrate as the tech giant has recently announced that they can now open a savings account with the company. This new feature is a step forward for Apple to become a more complete financial services provider. With this function, Apple Card users can enjoy a seamless banking experience without having to leave the ecosystem. The new feature comes with an attractive interest rate, among other benefits.
The benefits of opening a savings account with Apple
By opening a savings account with Apple, users can enjoy benefits such as no fees, no minimum balance requirements, and the option to set up recurring transfers. Additionally, the account is FDIC-insured for up to $250,000. Users can also access their account through Apple’s Wallet app, where they can check their balance, review transactions, and track their progress towards their financial goals.
Moreover, Apple has introduced a new feature called “Goals” that helps users set and achieve their financial objectives. Users can set a target amount and a deadline for their goals, and the app will calculate the amount they need to save regularly to reach it. For instance, a user could set a goal to save for a down payment on a house, and the app will suggest a monthly savings amount to achieve that goal.
How to open a savings account with Apple
Opening a savings account with Apple is straightforward. Users need to have an Apple Card and update their iPhone to the latest version of iOS 14.6. Then, they need to go to the Wallet app, tap on their Apple Card, and select “Add Account.” After providing some basic personal information, users can start using their savings account.
Apple has partnered with Goldman Sachs as the issuing bank for the Apple Card, and the savings account is also provided by Goldman Sachs Bank USA. However, the account is only available to Apple Card users in the United States for now.
In conclusion, Apple’s move to offer a savings account to its users is a significant step towards becoming a full-fledged financial services provider. By combining the convenience of its existing Wallet app with the attractive interest rate and innovative features, Apple has cemented its position in the industry. This new feature is undoubtedly good news for Apple Card users who will now have even more reasons to stick with the company.