Apple Offers High-Yield Savings Accounts in Latest Push Into Financial Services

Last month, Apple launched Apple Pay Later, which allows consumers to split payments for purchases into four parts over six weeks, with no interest or fees.

Punit Paranjpe/AFP via Getty Images

Apple has taken another step into financial services, announcing the launch of high-yield savings accounts for holders of the company’s Apple Card credit card.

Apple (ticker: AAPL) said the new accounts, offered in partnership with Goldman Sachs Group (GS), carry an initial interest rate of 4.15%. The accounts have no fees, and no minimum deposits or balance requirements. Deposits are capped at $250,000.

The accounts will be funded in part by Daily Cash, a feature of the Apple Card that provides up to 3% of purchases back to shoppers. Apple said that once a savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account.

The Daily Cash destination can also be changed at any time, Apple said. Customers can deposit additional funds through a linked bank account.

Likewise, cash can be withdrawn at any time by transferring to a linked bank account.

Last month, Apple launched Apple Pay Later, a service that allows consumers to split purchases made via Apple Pay through the Apple Wallet apps on iPhones and iPads into four payments spread over six weeks, with no interest and no fees.

Write to Eric J. Savitz at [email protected]

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