The topic of interest rates is currently on everyone’s lips. The European Central Bank (ECB) has initiated the interest rate turnaround. In Europe, many banks are therefore offering lucrative returns. Now Apple has caused a sensation in the USA. The iPhone company is promising 4.1 percent interest on its overnight deposit account.
Apple promises 4.1 percent interest on savings account in the USA
Apple has presented a digital savings account. The promise: 4.15 percent interest per year for Apple Card users in the USA. According to an official announcement, this corresponds to an “interest rate that is more than ten times the national average”.
The savings account can be set up in Apple’s Wallet app. There are no fees, nor is there a minimum deposit. Apple Card users can access their money at any time. According to the company, the account can be filled in two ways.
Apple on the hunt for customers
On the one hand, there is the possibility that all bonuses from Apple’s “Daily Cash” rewards programme will end up there. These are based on all purchases made with the Apple Card and average between one and three percent of the purchase value. It would also be possible to transfer money to the account.
The maximum limit is currently 250,000 US dollars. The savings account is also based on a cooperation between Apple and the investment company Goldman Sachs. The hurdles seem conceivably low. If you want to benefit from the 4.15 percent interest rate at Apple, you only have to be 18 years old and have an Apple Card.
Interest: Is the Apple savings account also coming to Germany?
The catch: Apple’s savings account is initially only available to customers in the USA. Will the iPhone company also offer a daily savings account with 4.15 percent interest in other countries? There is no official information on this yet. Apple’s interest programme can also only be used with all iPhones with iOS 16.4 or higher.
Meanwhile, the high yields could cause some US banks to accelerate their cash outflows. Especially since, in a sense, money market funds were the only lucrative alternative in the US before. In turn, the US dollar and US government bond yields are currently experiencing a real rally.
