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There’s a ton of buzz in the Slickdeals community about the latest offering from the tech giant, Apple: a high-yield savings account with a 4.15% annual percentage yield (APY).
With no fees, minimum deposits, or balance requirements, this account is a game-changer for anyone looking to grow their savings.
Here’s what you need to know to take advantage of this exciting opportunity.
What is the Apple Card Savings Account?
The Apple Card Savings account is a high-yield savings account offered exclusively to Apple Card users. This account offers a competitive 4.15% annual percentage yield (APY) on balances, and doesn't feature any fees and minimum deposit or balance requirements.
While it's not the absolute highest interest rate on the market currently, it outdoes most of the competition. With the average interest on a savings account hovering around 0.39%, Apple’s offer of 4.15% is something worth smiling about.
Slickdeals Reacts to Apple's New Account
After being viewed nearly 295,000 times on the Slickdeals deals thread, Slickdeals users are clearly excited about this account's competitive APY and added convenience, with some speculating on how the financial industry will feel the blow.
Slickdeals user dhizzy commented, "Seems very convenient. Pretty much everything in one add. Handy for sure". User George_P_Burdell predicts, "Bunch of banks are gonna burn when folks start moving money to Apple." With recent news of depositors moving nearly $60 billion out from three major financial institutions in the first quarter of 2023, it seems this user's prediction may prove true.
Meanwhile, since the savings account debuted on April 17th, the thread has gained over 440 comments and been highly rated with 87% of voters claiming it's a "Great Deal". Which is basically the equivalent to giving it 5 stars in the Slickdeals world.
How to Open and Maintain an Account
To open and maintain an Apple Card Savings account, you must meet the following requirements:
- Be an owner or co-owner of an active Apple Card account and add the card to your iPhone
- Be at least 18 years old
- Have a social security number or individual taxpayer identification number
- Be a U.S. resident with a valid physical address
- Set up two-factor authentication for your Apple ID and update to the latest version of iOS
Apple Breaks New Ground
The Apple Card Savings account is a significant development for Apple's foray into financial services.
By partnering with Goldman Sachs, Apple is able to offer a high-yield savings account that is accessible and user-friendly. The lack of fees and minimum balance requirements make it an attractive option for customers looking to grow their savings.
This account is also part of a larger suite of financial services that Apple has launched in recent months, including a buy-now-pay-later service called Pay Later. By offering a comprehensive suite of financial services, Apple is creating a one-stop-shop for all things finance-related, which is likely to deepen customer engagement and loyalty.
Since Apple is not a bank itself it is partnering with Goldman Sachs to offer financial services such as their Apple Credit Card and the savings account. Which also means accounts will be FDIC insured up to $250,000.
Is It Right for You?
Apple Card Savings account is a sound and user-friendly option for anyone looking to grow their savings. With a high-yield APY, no fees, and seamless integration with other Apple products, Apple is disrupting the traditional banking industry and offering customers an innovative alternative for their financial needs.