Description
Apple has launched a high annual percentage yield (APY) savings account with Goldman Sachs Group Inc. that offers an interest rate of 4.5%. Users can set up and manage their savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance restrictions. Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said: "Savings helps our users get even more value from their favorite Apple Card benefit, Daily Cash, while providing an easy way to save money every day." Bailey added: "Our goal is to create tools that help users lead healthier financial lives, and integrating Apple Card savings into Wallet allows them to spend, send and save money directly and seamlessly, all from one place." .
When you use your Apple Card, you get a portion of your purchase as Daily Cash.
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According to the technology company's website, the new service will allow Apple Card members to earn an annual income of 4.15%, which is well above what Indian banks offer, including the State Bank of India ( SBI), HDFC, ICICI and Punjab. National Bank (PNB) among others.
