Apple looks even more like a bank now that it’s adding a savings account to Apple Card
by Richard Lawler from The Verge - All Posts on (#64PJA)
Kristen Radtke / The Verge Soon, Apple Card users will be able to open a new high-yield Savings account," Apple says. There's just one hitch: Apple won't say what interest rate it's offering.
There's also no specific timeline for when consumers can access these savings accounts.
Apple has been moving into fintech with the Apple Card, which it partners with Goldman Sachs on. As one of its perks, card users get Daily Cash, Apple's special branding on the more mundane cashback rewards, on their purchases. The promise of this high-yield" savings account is that cardholders can have their Daily Cash deposited into it with no fees, no minimum deposits, and no minimum balance requirements," the company says.
This isn't the first savings account offered by a tech...