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Apple Card users now have the option to open a savings account directly on their iPhone.
This feature was announced in 2022 and has finally been launched.
The savings account not only functions as a traditional savings account, but also allows users to grow their Daily Cash rewards.
Apple Card users receive Daily Cash rewards, which is a percentage of the money they spend returned to them as a free bonus.
This cash can be directly deposited into an Apple savings account, which offers a 4.15% APY, more than 10 times the national average.
The account has no fees, minimum deposits, or minimum balance requirements.
However, the service is only available for US customers with an iPhone running iOS 16.4 or later.
The maximum balance is $250,000, and transfers must be between $1 and $10,000 with a $20,000 weekly limit.
Despite these limitations, the ability to save money and earn extra cash on your phone is a convenient feature for iPhone users.
For more information and instructions on how to open an Apple savings account, visit Apple’s website.
