Overview of Apple Savings Account & Its Features
iPhone and Apple Card users can now manage their money using the Apple Savings platform. This savings account boasts promising features that can generate lucrative results. Introduced in April 2023, this exclusive savings account has lots in store for iPhone and Apple Card users. So, let us dive into exploring its features.
What is an Apple savings account?
Apple Savings is a high-yielding savings account rolled out in partnership with Goldman Sachs. One must have an Apple Card account to be eligible to use this platform. Ensure your credit is not low or you own another credit card. This savings account is one of the most profitable savings accounts in the market.
Another good feature of this platform is its promising user-friendly mobile interface. Furthermore, it seamlessly integrates other Apple financial products, such as Apple Cash and Apple Card.
Features of Apple savings account
• It is not for everyone
Apple Savings Account is accessible only on iOS devices. So, Android users are ruled out from its user base. This factor limits the customer base of this savings account. Even iOS users must have an Apple Card to start using Apple Savings Account. So, this platform is indeed not for everyone.
• Offers a mobile app interface
The fact that Apple Savings boasts a user-friendly mobile interface gives it an edge over similar platforms in the market. It is completely app-based and can be accessed from Apple Wallet too. Additionally, it does not even have a desktop presence or physical banks. Apple Savings is an entirely online platform ideal for users who manage their financial needs on their mobile phones.
• Does not levy any fees
Another promising feature of Apple Savings is that it does not levy any fees on users to use this platform. It is completely free of cost. This platform does not involve any hidden fees or recurring fees, which are prevalent in transactions from other banks. So, if you own an iOS device and have an Apple Card, then using Apple Savings will definitely prove to be beneficial.
• Promising interest rate
Apple Savings offers above-average interest rates on deposits. Thus, you won’t lose anything when it comes to making deposits. It gives a decent interest rate, thus proving to be a good option in the market.
• Enables one to make microdeposits
The fact that Apple Savings allows one to make micro-deposits is a boon for people who have just started saving their money. A person starts by making small deposits at the beginning of the money-saving journey. This platform is ideal for such people. Also, users are not required to maintain an ongoing balance when using Apple Savings.
• Offers insurance benefits
The icing on the cake is that the money deposited in Apple Savings is insured. Yes, you heard it right! The FDIC deposit insurance covers the money saved. It ensures that the person gets full repayment in case the bank collapses. In this case, we are talking about Goldman Sachs, as it is the banking partner in this collaboration.
• Balance requirement features
Apple Savings does not require one to maintain any minimum balance or make any minimum deposit. But it does have a maximum limit for depositing money, i.e., USD 25,000. This amount is synonymous with the maximum amount insured by FDIC. So, this platform is not for people willing to save large sums of money in their bank accounts. Instead, it is ideal for those who are just embarking on their money-saving journey.
• Enables inbound and outbound transfers
Both Apple Card and Apple Cash accounts enable users to make as many inbound cash transfers as possible from a linked bank account outside the ecosystem of Apple. Users don’t need to save their Apple Card rewards in their Apple Savings account. The rewards can be deposited in any other bank account as well.
But when it comes to outbound transfers, Apple Savings allows a maximum limit of six outbound transfers per person in a month. Apple does allow more outbound transfers for some instances and does not levy any extra charges for making these payments. These wonderful features offered by Apple Savings make it an interesting choice.
• Offers above-average interest rate
The interest rate offered by Apple Savings on deposited money is 4.15 percent. This rate is levied on all users. The interest rate is subject to change. This means the rate one locks money in can change subject to market conditions. Apple Savings offers interest rates upwards of 4.15 percent. It is always lucrative to save money at a high-interest rate. This feature sets Apple Savings apart from most traditional banks that offer lower interest rates.
• Compliments the financial ecosystem of Apple
Apple is entering the financial market with its latest innovations and products. It is a relatively recent player in this market. So, the company seriously focuses on unveiling robust financial products and services. Apple Savings is one such service that comes under its financial product portfolio. This go-to savings account is strengthening the presence of Apple in the financial market owing to its above-average features.
How to open an Apple savings account?
Now that we know the various features and advantages Apple Savings offers, let us explore the procedure for making an Apple Savings account.
- First things first, any individual who is willing to open an Apple Savings account must be 18 or above years of age.
- The second requirement is that the person should be a citizen of the U.S. The personnel should have a physical address in the U.S. along with a taxpayer number.
- Possess an active Apple Card account. This account can be in one’s name or jointly held with anyone else.
- Possess two-factor identification of one’s Apple ID.
- The Apple Card must be added to an Apple device. This Apple device should have been running iOS 16.4 or any later version.
- Users who do not have an Apple Card must ensure they get one before making an account in Apple Savings.
Reasons to choose Apple savings account
Apple Savings is a boon for Apple users out there. This seamless user-friendly mobile interface is a one-stop financial solution for saving that extra cash. Along with providing profitable returns, this platform offers FDIC insurance. One also does not need to maintain any minimum opening deposit, which is free of cost.
Apple Savings offers instant access to one’s saved money in case of money-related needs. This secure platform lets users save their extra cash securely while earning promising interest on the money deposited.
Shortcomings of Apple savings account
The fact that this platform is limited to just Apple users or users who possess an iOS device is a major shortcoming. This feature has constricted the audience of Apple Savings accounts. It is also not for those who long to keep a hefty amount in their savings account as the maximum saving limit of this platform is USD 250,000.
This banking push introduced by Apple is not for people who are used to the traditional banking system. The fact that it is entirely based on the mobile interface could prove to be a bit troublesome for some users. Owing an Apple Card, a credit card from Apple is also mandatory, thus restricting its customers.
This drive by Apple has also locked its users into the Apple ecosystem. Once a person’s iPhone starts meeting his or her entertainment and financial needs, migrating to another phone becomes difficult. This factor may limit the flexibility of customers to opt for other options in the market.
A promising savings bank account’s essentials are integrated into the Apple Savings account. It features promising interest rates, security, cost-effectiveness, user-friendliness, and robust performance. If you are an Apple user or have an iOS device and want to save that extra cash, then the Apple Savings account is the perfect option.
Its lucrative features make it a legitimate platform for saving money. One does not have to worry about its authenticity, as it is formulated through a partnership between Apple and Goldman Sachs. So, do not think twice before putting your money in an Apple Savings account.