I want to share with you some really compelling benefits you’ll enjoy by signing up for Apple’s new savings account offering 4.15% APY interest.
This rate blows traditional bank accounts out of the water – it‘s nearly 10 times higher than the average savings account rate of just 0.06% in 2022 based on FDIC data.
Here are 5 advantages you’ll score with an Apple savings account:
1. Rack Up Interest Quickly
The #1 reason is that sky-high 4.15% interest rate paid by Apple savings.
Let‘s compare how fast your money can grow:
Balance | Interest Rate | Interest Earned
-
Year 1 – Year 3 – Year 5 $10,000 0.1% APY $10 $10,000 4.15% APY $415 $100,000 0.1% APY $100 $100,000 4.15% APY $4,150
As you can see, the high interest rate makes a massive impact over time thanks to compounding.
Whether saving for a rainy day or a future goal, your money grows around 10-20x faster in the Apple account!
2. Earn Up to 3% Cash Back Daily
To open an Apple savings account, you need an Apple Card. This gives you access to daily cash back on purchases:
| Category | Cash Back |
|---|---|
| Apple, Nike, Uber | 3% |
| Apple Pay | 2% |
| Non-Apple Pay | 1% |
Based on average monthly spending, that could mean $60+ in effortless rewards per year funneled straight to your high-yield savings!
3. No Minimums Required to Earn Interest
Unlike many competitors, Apple savings has no minimum opening deposit or balance requirement.
Most high yield accounts demand at least a $1,000 initial deposit. But you can open your Apple account with just $1 and still earn 4.15% annual interest on that dollar!
This makes it one of the most accessible great interest rate savings options out there.
4. Seamless Management Through Your Phone
Monitoring the Apple savings account happens conveniently right through your iPhone wallet app.
Check balances, transfer money, and collect card rewards all in one easy-to-use portal.
Contrast this to traditional banks where you juggle a separate website and clunky mobile experience.
5. Peace of Mind With FDIC Insurance
Apple has partnered with Goldman Sachs Bank for this offering. That means full FDIC protection on deposits up to $250,000.
Many solely online banks lack this insurance that protects against catastrophic losses. So Apple aligns coverage-wise with top traditional institution accounts.
Now, what if you don’t use an iPhone or want alternatives?
Great Savings Options If You Prefer Android
I fully get not everyone utilizes iPhones!
Luckily, comparable savings accounts exist without Apple affiliation requirements:
| Bank | Interest Rate | Minimum Deposit | Monthly Fees |
|---|---|---|---|
| CIT Bank | 4.07% APY | $100 | None |
| Marcus by Goldman Sachs | 4.35% APY | None | None |
| Discover Bank | 4.00% APY | $0 | None |
| Capital One | 4.30% APY | $0 | None |
As you can see, leading options from CIT Bank, Marcus, Discover, and Capital One offer interest around 4.00-4.35% – not far off Apple’s 4.15%!
The key tradeoff is giving up exclusivity to iPhone and Apple Pay ecosystem perks. But great returns remain achievable.
Who Makes the Most Sense for This Account?
Based on its features and requirements, the Apple savings account suits:
- Long-time iPhone users already embedded in their tech ecosystem
- Those seeking convenience managing finances through their phone
- Young people opening first savings/credit card accounts
- Anyone focused on maximizing high interest returns
- Those with solid credit card repayment habits
Bottom line – this innovative account uniquely appeals to many existing Apple followers.
It also can provide great value if you approach credit card use diligently to avoid interest charges eroding your returns.
Tips to Maximize Your Apple Savings Return
Follow this advice to grow your money rapidly if you open an Apple savings account:
- Pay Apple Card statement balance in FULL every month to avoid high interest charges
- Set up automatic $20-$50 recurring transfers to savings each paycheck
- Use Apple Card for everyday spending on domestics, groceries, gas to rake in cashback
- Check cash back rewards accumulating in Wallet every few weeks
Be thoughtful, and this account can greatly accelerate your savings!
I hope breaking down the Apple savings account benefits and options helps you make a smart decision about where to put your money! Please feel free to reach out with any other questions.
