Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone

Apple CEO Tim Cook this week said initial response to the new Apple Card Savings feature has been "incredible" following its launch last month.

apple card savings account
Speaking on Apple's quarterly earnings call, Cook said both the savings account and the new Apple Pay Later financing feature help customers to live a "healthier financial life," adding that he is "very excited about the first days of both of them."

Apple Card users can now open a high-yield savings account from Goldman Sachs and start earning interest on their Daily Cash cashback balance and other deposited money, with no fees or minimum balance requirement. The account currently offers a 4.15% APY, a rate Apple said was "more than 10 times the national average" as of late March. The account can be set up and completely managed in the Wallet app on the iPhone.

Forbes this week reported that around 240,000 Apple Card savings accounts were opened in the first week, citing sources familiar with the matter.

The U.S. Federal Reserve raised its benchmark interest rate by 0.25 percentage points on Wednesday, but the Apple Card savings account's APY remains unchanged for now. It's unclear if or when Goldman Sachs will increase the account's APY in response to the rate hike, as many other banks offering high-yield savings accounts commonly do.

Apple's credit card and the savings account are available in the U.S. only.

Top Rated Comments

BGPL Avatar
8 months ago
"Pay later" is not healthy... it's a fancy way of saying "more debt". Americans especially are in way too much debt, and "pay later" plans aren't helping.
Score: 40 Votes (Like | Disagree)
decypher44 Avatar
8 months ago

How is racking up more debt on a credit card make for a "healthier financial life,"? They will say anything..
Purchase using the Apple Card. Payoff in full each month. Get cash back. Cash back goes into HYSA to earn 4.15 APY. That’s fairly healthy.
Score: 31 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
8 months ago
It was an extremely easy setup. Apple should expand this feature to Canada and the U.K. tho.
Score: 27 Votes (Like | Disagree)
sw1tcher Avatar
8 months ago

Many people trust Apple more than any bank. No comparison. This is going to be huge.
So there are a lot of clueless Apple users out there then? The deposited money goes to Goldman Sachs, it doesn't stay with Apple.
Score: 23 Votes (Like | Disagree)
tonywalker23 Avatar
8 months ago
Today is Apple Savings… tomorrow is iLoan for the iCar.
Score: 22 Votes (Like | Disagree)
ader42 Avatar
8 months ago
Bring to the UK soon please Tim!
Score: 21 Votes (Like | Disagree)

Popular Stories

ios stolen device protection

iOS 17.3 Beta Adds New Stolen Device Protection Feature to iPhone

Tuesday December 12, 2023 10:20 am PST by
The first iOS 17.3 beta rolling out to developers today includes a new "Stolen Device Protection" feature that is designed to add an additional layer of security in the event someone has stolen your iPhone and also obtained the device's passcode. Earlier this year, The Wall Street Journal's Joanna Stern and Nicole Nguyen reported about instances of thieves spying on a victim's iPhone...
iOS 17

33 New Things Your iPhone Can Do in iOS 17.2

Tuesday December 12, 2023 1:57 am PST by
Apple has made available for download its major end-of-year iPhone software update, iOS 17.2, featuring a large number of features and changes that users have been anticipating for quite a while. Below, we've listed 33 new things that your iPhone can do once you've installed the update. Check Settings ➝ General ➝ Software Update on your device to get downloading. 1. Help You Keep a Daily ...
iPhone 16 Mock Back 1

iPhone 16 Early Prototypes: What Apple's Next-Generation iPhone Will Look Like

Tuesday December 12, 2023 3:07 pm PST by
With the launch of the iPhone 15, Apple introduced design changes like a curved frame and a frosted glass back. Information acquired by MacRumors suggests that Apple's next-generation iPhone 16 will build on these updates with modifications to the buttons and the camera layout. We have details on early pre-production designs for the iPhone 16, including a look at the variants and hardware...
CarPlay Phone Call

GM Says It's Nixing CarPlay to Make Drivers Safer

Tuesday December 12, 2023 1:47 pm PST by
Earlier this year, General Motors (GM) announced plans to phase out Apple's CarPlay and Android Auto in its future electric vehicles, with the company instead relying on an infotainment system co-developed with Google. This has not been a popular decision with iPhone users, and today, GM provided some additional insight into the decision in a discussion with MotorTrend. According to Tim...
iPhone 16 Side Feature

iPhone 16 Pro Rumored to Have These 12 New Features

Monday December 11, 2023 10:46 am PST by
While the iPhone 16 Pro and iPhone 16 Pro Max are still over nine months away from launching, there are already several rumors about the devices. Below, we have recapped new features and changes expected for the devices so far. These are some of the key changes rumored for the iPhone 16 Pro models as of December 2023:Larger displays: The iPhone 16 Pro and iPhone 16 Pro Max will be equipped...
Apple TV 2022 Feature Blue

Apple Releases tvOS 17.2 With Revamped Apple TV App

Monday December 11, 2023 9:58 am PST by
Apple today released tvOS 17.2, the second major update to the tvOS 17 operating system that came out in September 2023. tvOS 17.2 comes more than a month after tvOS 17.1, an update that expanded the availability of the Enhanced Dialogue feature. tvOS 17.2 can be downloaded using the Settings app on the ‌Apple TV‌. Go to System > Software Update to get the new software. ‌Apple TV‌...
maxresdefault

Top Five Features in macOS Sonoma 14.2

Wednesday December 13, 2023 3:21 pm PST by
When Apple releases new software, iOS updates tend to get most of the attention, and there are sometimes useful new features in Mac updates that go under the radar. That's the case with macOS Sonoma 14.2. It doesn't have flashy features like the Journal app that came in iOS 17.2, but there are a number of useful improvements that make it worth installing. Subscribe to the MacRumors YouTube ...