Apple has said that savings account users can withdraw the balance at any time without any additional transaction fees.
Apple Inc (NASDAQ: AAPL) announced that its Apple Card users can choose to increase their daily cash rewards through a savings program in partnership with Apple. Goldman Sachs Group Inc (NYSE: GS). As per the announcement by the American tech giant, Apple Card users can enjoy up to 4.15 per cent annualized percentage yields with no minimum deposit, and minimum balance requirements can be achieved directly through Apple Wallet.
Apple happily advertised its savings account with Goldman Sachs as user-friendly, with an interest rate 10 times the national average. Also, the company has not set any limit on how much a user can earn per day. Users can deposit funds into a savings account by linking their Wallet to a bank account or directly from their Apple Cash balance.
“Savings helps our users get even more value from their favorite Apple Card benefit – Daily Cash – while giving them an easy way to save money every day,” Said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Our goal is to build tools that help users live healthier financial lives, and building Apple Card into Savings in Wallet enables them to spend, send and save daily cash directly and seamlessly – all from the same place.”
Apple has said that savings account users can withdraw the balance at any time without any additional transaction fees. The company indicated that the new savings account with Goldman Sachs enjoys the same privacy and security features offered to all iOS customers. In addition, Apple Wallet is an app on every iPhone and Apple Watch sold worldwide.
Apple turns to financial services with its savings account
Apple has sold billions of hardware products globally over the years and is currently worth around $2.61 trillion. The company controls the App Store on every device sold thus providing a secure stream of income. To diversify and reduce the pressure on application developers and users, the company is gradually turning to financial services. The company has already rolled out Apple Pay, which is a secure way to pay and make secure purchases in stores, apps and on the web.
In particular, including centralized cryptocurrency exchanges binanceAnd Coinbase Global Inc (NASDAQ:COIN) allows its customers to buy bitcoin, among other top digital assets, with Apple Pay.
With over 2 billion active devices worldwide, the company is poised to grow its revenue over time. During first quarter results, the company set an all-time revenue record of $20.8 billion in its Services business.
The US tech giant is focused on expanding its financial services amid the banking crisis in the country. Furthermore, the company is reputed in providing above average services and products.
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