In a Newsroom post, Apple writes:
Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent — a rate that’s more than 10 times the national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.
Savings account interest rates have been woefully low for years—a friend commented that his teenage kids recently asked what “interest” was—but have started to rise. Apple’s 4.15%, though it will likely fluctuate, is competitive with the best alternatives right now and is a more lucrative holding area for Daily Cash rewards than Apple Cash. It might also be worth using in favor of current savings accounts—my local banks are currently offering rates between 0.02% and 0.10%.
I’m not signing up for it until Tonya gives me the go-ahead. She gets grumpy about adding financial accounts that prove difficult to manage. While the Wallet app may be easy to use, it’s problematic when the other member of a couple manages most of the banking. Plus, Apple has a weak track record of integrating its financial services with personal finance and accounting packages.