[Software] Apple's new savings plan basically turns your iPhone into a bank

[Arben]

• As if Apple wasn’t omnipresent enough in our lives, the tech giant is now offering Apple Card users the opportunity to open a savings account on their iPhones

• The feature was originally announced back in October 2022(opens in new tab) as a way for Apple Card owners to save their Daily Cash rewards and grow them “in a high-yield Savings account from Goldman Sachs.” Some speculated the APY (annual percentage yield) would be 3.75 percent(opens in new tab), but as it turns out, it’s actually 4.15 percent which the company claims is currently “more than 10 times the national average”. Be aware the APY isn't set in stone as it could jump up or dip at any time in the future. Besides the high yield, it functions similarly to any old savings account(opens in new tab) you get at a typical bank with the added benefit of having “no fees, no minimum deposits, [plus] no minimum balance requirements”.

  Additionally, all Daily Cash(opens in new tab) earnings that you collect whenever you purchase something with your Apple Card will automatically be sent over to the new savings account. The neat part is there's no limit to Daily Cash although the cash rebates differ from merchant to merchant. For example, if you buy a new Macbook from Apple's online store, you get three percent of that particular purchase back.

• Healthy finance
  Vice president of Apple Pay and Apple Wallet Jennifer Bailey stated in a release that the purpose of this recent move is to give people the tools to “lead healthier financial lives” similar to Apple Pay Later which launched in late March(opens in new tab). To further help, the Wallet app will have a dashboard for users to track account activities. Users can also connect a personal bank account if they want to deposit money from a personal account to their newfound Apple Savings. Of course, it’s possible to do the opposite by withdrawing funds to said personal account or from your Apple Cash card “with no fees.”

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  [https://www.techradar.com/news/Apple's-new-savings-plan-basically-turns-your-iPhone-into-a-bank]