Apple launches 4.15% savings account with Goldman Sachs

Apple has launched a competitive new savings account in partnership with Goldman Sachs.

The new account, available to Apple’s US customers only, offers an initial 4.15 per cent APY.

It brings together Apple's spending cash back feature 'Daily Cash' with the ability to add funds despited through a linked bank account also.

Users can manage the account via their Apple Wallet and, according to a press release the account comes with zero fees, no minimum deposits, and no minimum balance requirements.

“Savings helps our users get even more value out of their favourite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. 

“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”

Apple says the rate of interest comes in at more than 10 times the US national average, although small print confirms the rate is subject to immediate change. 

Funds are available to withdraw at any time to a linked bank account or an Apple Cash card.

Goldman Sachs has been Apple’s fintech partner for nearly seven years since the launch of the Apple Card in 2016.