Apple Launches a New High-Yield Savings Account in 2023

Tech giant Apple ( AAPL ) has made another foray into the world of finance with a high-yield savings plan after its Buy Now Pay Later (BNPL) product.

Key TakeAways 

• Apple announces 4.15% savings account launch in partnership with Goldman Sachs.

• The maximum balance allowed on the account is $250,000.

• Apple's savings account follows the launch of its Buy Now Pay Later program.

• The tech giant could benefit from the recent upheaval in banking deposits. {alertSuccess}

High Yield But Not The Highest, Plus Limitations

Apple Card users can increase their daily cash rewards with a savings account provided by Goldman Sachs (GS) starting Monday, the company said. The account yields an APY of 4.15%, which is more than 11 times the Federal Deposit Insurance Corp.'s current national average.

According to us, the highest rate available on Savings Account is 5.02% from CFG Bank. The FDIC states that the national average for savings accounts is 0.37% APY.

While the minimum deposit is not required, this account also comes with some limitations. The maximum remaining amount perceived on such accounts is $ 250,000 and any transfer in the account that leads you more than that limit to risk rejection.

You can transfer funds to this account using Apple Cash, but they are subject to minimum one dollar and maximum $ 10,000 per transfer. You are also limited to transfer more than $ 20,000 using Apple Cash over a period of seven days.

There are eligibility requirements and limitations. Potential customers should consider how Apple's account is compared to other high-up-up savings accounts.

Apple Cements It's Finance Fore

Buy this step now by Apple. Pay later. The product has come after the launch of the product, where consumers can spread the Apple purchase directly from the wallet in four payments.