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Tech giant Apple has launched a new high interest savings account product for Apple Card customers. The savings account is offered by Goldman Sachs and is available for Apple Card customers to open within their Apple Wallet.
The savings account launched in the United States in April 2023 with an interest rate of 4.15% p.a. with no minimum balance requirements to meet. As of December 2023, this product is not available in Australia.
Apple Card savings account features
Interest rate of 4.15% p.a. at launch
The Apple Card savings account launched to customers in April 2023 with an interest rate of 4.15% p.a.
No fees
The savings account charges no set-up fees or ongoing account keeping fees.
No minimum deposits
There's no minimum balance requirement or ongoing deposit conditions to meet to earn the interest rate.
Savings dashboard
Customers can access the savings dashboard from their Apple Wallet to track their account balance and their interest payments.
Earn daily cash
The Apple Card offers cashback payments on every purchase you make on the card. The cashback ranges from 1-3% of the transaction value, depending on the merchant or retailer.
Once your savings account is opened, all future cashbacks you earn will be sent directly to your Apple Card savings account, so you can earn interest on these amounts too.
Deposit money
Customers can transfer money from their Apple Card balance into the savings account, or transfer it from an external bank account. You can have a maximum of $250,000 in your account.
Withdraw money
If you want to use some of your savings balance you can transfer the money to an external bank account directly from the dashboard, or you can transfer it to your Apple Cash card.
Is the Apple Card savings account available in Australia?
As of December 2023, Apple has yet not announced any plans for releasing Apple Card and the linked savings account outside of the United States. We'll update this page with any news from Apple about an Australian launch of its Apple Card products.
Alternatives to Apple Card savings account in Australia
The Apple Card savings account isn't available in Australia. However, you can earn an even higher interest rate with many Australian accounts.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
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