Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone
Apple CEO Tim Cook this week said initial response to the new Apple Card Savings feature has been "incredible" following its launch last month.
Speaking on Apple's quarterly earnings call, Cook said both the savings account and the new Apple Pay Later financing feature help customers to live a "healthier financial life," adding that he is "very excited about the first days of both of them."
Apple Card users can now open a high-yield savings account from Goldman Sachs and start earning interest on their Daily Cash cashback balance and other deposited money, with no fees or minimum balance requirement. The account currently offers a 4.15% APY, a rate Apple said was "more than 10 times the national average" as of late March. The account can be set up and completely managed in the Wallet app on the iPhone.
Forbes this week reported that around 240,000 Apple Card savings accounts were opened in the first week, citing sources familiar with the matter.
The U.S. Federal Reserve raised its benchmark interest rate by 0.25 percentage points on Wednesday, but the Apple Card savings account's APY remains unchanged for now. It's unclear if or when Goldman Sachs will increase the account's APY in response to the rate hike, as many other banks offering high-yield savings accounts commonly do.
Apple's credit card and the savings account are available in the U.S. only.
Popular Stories
Following nearly two years of rumors about a fourth-generation iPhone SE, The Information today reported that Apple suppliers are finally planning to begin ramping up mass production of the device in October of this year. If accurate, that timeframe would mean that the next iPhone SE would not be announced alongside the iPhone 16 series in September, as expected. Instead, the report...
Key details about the overall specifications of the iPhone 17 lineup have been shared by the leaker known as "Ice Universe," clarifying several important aspects of next year's devices. Reports in recent months have converged in agreement that Apple will discontinue the "Plus" iPhone model in 2025 while introducing an all-new iPhone 17 "Slim" model as an even more high-end option sitting...
Apple supply chain analyst Ming-Chi Kuo today shared alleged specifications for a new ultra-thin iPhone 17 model rumored to launch next year. Kuo expects the device to be equipped with a 6.6-inch display with a current-size Dynamic Island, a standard A19 chip rather than an A19 Pro chip, a single rear camera, and an Apple-designed 5G chip. He also expects the device to have a...
Apple typically releases its new iPhone series around mid-September, which means we are about two months out from the launch of the iPhone 16. Like the iPhone 15 series, this year's lineup is expected to stick with four models – iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max – although there are plenty of design differences and new features to take into account. To bring ...
Apple’s iCloud Private Relay service is down for some users, according to Apple’s System Status page. Apple says that the iCloud Private Relay service may be slow or unavailable. The outage started at 2:34 p.m. Eastern Time, but it does not appear to be affecting all iCloud users. Some impacted users are unable to browse the web without turning iCloud Private Relay off, while others are...