Apple is offering a high-yield savings account with an interest rate of 4.5%. This is significantly higher than the national average interest rate for savings accounts, which is currently around 0.06%. The Apple savings account is available to all Apple Card holders, and it does not require a minimum balance.
To open an Apple savings account, you will need to have an Apple Card. You can apply for an Apple Card online or in the Apple Wallet app. Once you have been approved for an Apple Card, you can open a savings account by going to the "Banking" tab in the Apple Wallet app.
The Apple savings account is a great way to earn more interest on your savings. However, it is important to note that there are some fees associated with the account. There is a monthly fee of $0.05, and there is a fee of $25 if you withdraw more than six times per month.
Overall, the Apple savings account is a good option for Apple Card holders who are looking to earn more interest on their savings. However, it is important to weigh the pros and cons of the account before opening it.
Here are some of the pros and cons of the Apple savings account:
Pros:
- High interest rate of 4.5%
- No minimum balance required
- Easy to open and manage
- Available to all Apple Card holders
Cons:
- Monthly fee of $0.05
- Fee of $25 for more than six withdrawals per month
- FDIC insured up to $250,000
If you are looking for a high-yield savings account with no minimum balance, the Apple savings account is a good option. However, be sure to factor in the monthly fee and the fee for more than six withdrawals per month before opening the account.
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