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 July 2024, this product is not available in Australia.
The Apple Card savings account launched to customers in April 2023 with an interest rate of 4.15% p.a.
The savings account charges no set-up fees or ongoing account keeping fees.
There's no minimum balance requirement or ongoing deposit conditions to meet to earn the interest rate.
Customers can access the savings dashboard from their Apple Wallet to track their account balance and their interest payments.
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.
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.
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.
As of July 2024, 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.
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The Apple Card savings account isn't available in Australia. However, you can earn an even higher interest rate with many Australian accounts.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $50,000 and $250,000. Learn more about this high interest savings account.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $250,001 and $500,000. Learn more about this high interest savings account.
The Bankwest Easy Saver account offers a bonus rate for the first 4 months, then an ongoing standard variable rate with no conditions to meet.
Check out out review of the Bank of Queensland Simple Saver Account.
The Great Southern Bank Goal Saver Account has an ongoing bonus rate on balances up to $50,000 for customers aged 18-24.
Earn 2.30% p.a. on your savings each month you make at least one deposit and make no more than one withdrawal.
The Virgin Money Boost savings account (for 18-24 year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
The Virgin Money Boost savings account (for 25+ year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
Available to SMSFs, the Rabobank Notice Saver offers a high interest rate on your savings, but you’ll need to give at least one-month’s notice before you can withdraw your funds.
The ING Savings Maximiser is a high interest savings account with a competitive interest rate when you meet the account conditions. Here's how to earn the top bonus rate with this account.