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Big Law

Apple Announces Launch of Savings Account for Apple Card Users

Apple on Monday launched savings accounts for its Apple Card users, which can be accessed and tracked through the Apple Wallet app on iPhones.

In a news release, the company said users can deposit cash back on purchases into Goldman Sachs savings accounts, without any additional deposit feed. It said the accounts have an annual yield (APY) of 4.15 percent.

That is significantly higher than the national average APY of 0.35 percent, according to the Federal Deposit Insurance Corporation. But other large credit unions and banks offer similarly high rates, noted CNBC.

Read the source article at thehill.com

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