Apple has come up with a new development for the users of the Apple Cards. As a matter of fact, we know that Apple has been one of the leaders in the technological field. However, for its dedicated users, the company came out with the Apple card. The card offers a cashback benefit to its users, every time they buy any product from Apple.
Starting from Apple Tv+ and Apple Music subscriptions to games and apps from the App Store, everything from Apple gets covered by the card. The card will offer a 3% cash back for every purchase you make using Apple Pay at select merchants. Therefore, the card already offers some great benefits to Apple users. Now, Apple has announced that they will launch savings accounts which will help the users of Apple Cards to grow their daily cashback rewards at a fixed rate of interest. Therefore, if you wish to know more about this innovative approach taken by Apple, then this article is the perfect stop for you.
What Is A Savings Account?
As the name suggests, a savings account offers a safe place for saving your earnings. You will be able to open a savings account with a bank or some other financial services and organisations. You will have to deposit money at some interval into this account. The money you deposit at the bank will be rolled over by the bank at a certain rate of interest as loans. Now, as the bank receives the interest from the loan applicant, it will pay the depositor a part of that money earned through loan interest.
Therefore, depositing your money in a savings account will help you to grow your money at a certain rate of interest. In recent times, most banks offer moderate rates of interest on savings accounts, ranging from 3% to around 5%. In addition, some private banks and organisations also provide a higher rate of interest up to 7%. However, you need to maintain a minimum balance in your savings account and the range for the minimum balance varies with varied banks.
What Will Apple Offer To The Savings Account Holders?
Apple recently took to its official tweeter handle to declare that it will provide savings account facilities to Apple Card users. The company added that it will provide a 4.15% APY to the account holders, with zero fees. In addition, such accounts will have no minimum deposits or minimum balances.
In order to set up a savings account, Apple Card users will have to download the Wallet App. They can set up the accounts from that app itself. They will be able to use Daily cash and the rewards to grow their savings. If you have a savings account, then the Daily Cash and rewards will automatically reach your account. Moreover, you will also be able to transfer money from your linked bank to Apple savings accounts.
Concluding Lines
Jennifer Bailey, the vice president of Apple Pay and Apple Wallet recently issued a statement about the savings accounts. Jennifer stated that the aim behind launching the accounts is to help Apple users to grow healthier financially. In fact, the rate of interest which Apple will provide is in tune with the recent trends in the banking sector. Moreover, this added facility will also attract new users to the company and thus, it seems to be a great business strategy for one of the leading companies in the world.
FAQs
1. What is the rate of interest and other benefits offered by Apple savings accounts?
Apple savings accounts will provide a 4.15% APY to the account holders, with zero fees. In addition, such accounts will have no minimum deposits or minimum balances.
2. Who can have an Apple savings account?
Anyone, who holds an Apple Card, will be able to use this facility.
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