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.

apple card savings account
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.

Top Rated Comments

BGPL Avatar
4 weeks ago
"Pay later" is not healthy... it's a fancy way of saying "more debt". Americans especially are in way too much debt, and "pay later" plans aren't helping.
Score: 40 Votes (Like | Disagree)
decypher44 Avatar
4 weeks ago

How is racking up more debt on a credit card make for a "healthier financial life,"? They will say anything..
Purchase using the Apple Card. Payoff in full each month. Get cash back. Cash back goes into HYSA to earn 4.15 APY. That’s fairly healthy.
Score: 31 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
4 weeks ago
It was an extremely easy setup. Apple should expand this feature to Canada and the U.K. tho.
Score: 27 Votes (Like | Disagree)
sw1tcher Avatar
4 weeks ago

Many people trust Apple more than any bank. No comparison. This is going to be huge.
So there are a lot of clueless Apple users out there then? The deposited money goes to Goldman Sachs, it doesn't stay with Apple.
Score: 23 Votes (Like | Disagree)
tonywalker23 Avatar
4 weeks ago
Today is Apple Savings… tomorrow is iLoan for the iCar.
Score: 22 Votes (Like | Disagree)
ader42 Avatar
4 weeks ago
Bring to the UK soon please Tim!
Score: 21 Votes (Like | Disagree)

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