Just weeks after Apple released its “Pay Later” service, the company launched a new savings service yesterday for users where they can link a savings account to the Apple Card credit card.
The savings account has an effective annual interest rate of 4.15 percent, which Apple says is ten times higher than the average in the US. The new savings service is operated in conjunction with Goldman Sachs bank.
“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”
–apple.com
Apple Card and the new savings service are currently only available in the US.
