Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone

Apple CEO Tim Cook this week said initial response to the new Apple Card Savings feature has been "incredible" following its launch last month.

apple card savings account
Speaking on Apple's quarterly earnings call, Cook said both the savings account and the new Apple Pay Later financing feature help customers to live a "healthier financial life," adding that he is "very excited about the first days of both of them."

Apple Card users can now open a high-yield savings account from Goldman Sachs and start earning interest on their Daily Cash cashback balance and other deposited money, with no fees or minimum balance requirement. The account currently offers a 4.15% APY, a rate Apple said was "more than 10 times the national average" as of late March. The account can be set up and completely managed in the Wallet app on the iPhone.

Forbes this week reported that around 240,000 Apple Card savings accounts were opened in the first week, citing sources familiar with the matter.

The U.S. Federal Reserve raised its benchmark interest rate by 0.25 percentage points on Wednesday, but the Apple Card savings account's APY remains unchanged for now. It's unclear if or when Goldman Sachs will increase the account's APY in response to the rate hike, as many other banks offering high-yield savings accounts commonly do.

Apple's credit card and the savings account are available in the U.S. only.

Top Rated Comments

BGPL Avatar
9 months ago
"Pay later" is not healthy... it's a fancy way of saying "more debt". Americans especially are in way too much debt, and "pay later" plans aren't helping.
Score: 40 Votes (Like | Disagree)
decypher44 Avatar
9 months ago

How is racking up more debt on a credit card make for a "healthier financial life,"? They will say anything..
Purchase using the Apple Card. Payoff in full each month. Get cash back. Cash back goes into HYSA to earn 4.15 APY. That’s fairly healthy.
Score: 31 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
9 months ago
It was an extremely easy setup. Apple should expand this feature to Canada and the U.K. tho.
Score: 27 Votes (Like | Disagree)
sw1tcher Avatar
9 months ago

Many people trust Apple more than any bank. No comparison. This is going to be huge.
So there are a lot of clueless Apple users out there then? The deposited money goes to Goldman Sachs, it doesn't stay with Apple.
Score: 23 Votes (Like | Disagree)
tonywalker23 Avatar
9 months ago
Today is Apple Savings… tomorrow is iLoan for the iCar.
Score: 22 Votes (Like | Disagree)
ader42 Avatar
9 months ago
Bring to the UK soon please Tim!
Score: 21 Votes (Like | Disagree)

Popular Stories

iPhone 15 General Feature Black

New iOS Features Coming in 2024 for Messages, Apple Music, and More

Thursday December 28, 2023 7:30 am PST by
2024 is just a few days away, and there are many iOS 17 and iOS 18 features that are expected to launch throughout the year. Below, we have recapped new iOS features expected in 2024, including Stolen Device Protection, collaborative Apple Music playlists, AirPlay on hotel room TVs, app sideloading in the EU, next-generation CarPlay, roadside assistance via satellite outside of the U.S., RCS ...
iOS 17

iOS 17.3 Will Add These Two Useful Features to Your iPhone

Sunday December 24, 2023 8:59 am PST by
Apple released the first beta of iOS 17.3 earlier this month, and the upcoming software update includes two new features so far. iOS 17.3 will likely be released in January like iOS 16.3 and iOS 15.3 were, but February is also a possibility if testing is prolonged. Below, we provide additional details about the new features in iOS 17.3 so far. Stolen Device Protection Earlier this...
iPhone 17 Five Features Header

iPhone 17: Five Features Apple Plans to Save for 2025

Thursday December 28, 2023 2:00 am PST by
Apple's iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models concurrently, which is why we sometimes get rumored feature leaks so far ahead of launch. The iPhone 17 series is no different, and already we have some idea of what to expect from Apple's 2025 smartphone lineup. If you plan to skip...
Mac Gaming

Apple Discusses Push Towards High-End Mac Gaming in New Interview

Thursday December 28, 2023 6:19 am PST by
Inverse's Raymond Wong today published an in-depth overview of Apple's increasing push towards high-end gaming on the Mac. The story includes commentary from Apple marketing managers Gordon Keppel and Leland Martin. One of the biggest reasons that gaming has improved on the Mac in recent years is the switch from Intel processors to Apple silicon, resulting in MacBooks providing...
Apple Watch Series 9

Apple Watch Series 9 and Ultra 2 Available in Apple Stores Starting Today, Online Sales to Resume Tomorrow

Wednesday December 27, 2023 2:28 pm PST by
Apple Watch Series 9 and the Apple Watch Ultra 2 are back in some of Apple's retail stores in the United States today, according to Bloomberg's Mark Gurman. Select stores will have availability today, while all stores will have the Apple Watch models back in stock by December 30. Online sales of the devices are set to resume tomorrow by 12:00 p.m. Pacific Time. Apple is able to begin selling ...
iPhone 15 Blue Three Quarters Perspective Camera Closeup Feature

6 Essential iPhone Camera Tips for Taking Great Photos

Tuesday December 26, 2023 3:00 am PST by
Apple's iPhones include several headline camera features that are worth using, such as Portrait Mode and Photographic Styles. But if all you want to use is the standard photo mode, there are still several tools and settings that can improve the composition of your pictures and help you capture the perfect shot using more traditional techniques. Whether you are the owner of a new iPhone or a...
Apple Watch Series 9

Apple Watch Series 9 and Ultra 2 Sales Ban Paused by US Appeals Court

Wednesday December 27, 2023 8:49 am PST by
The ban on imports of Apple Watch Series 9 and Apple Watch Ultra 2 models has today been temporarily paused, meaning that the devices can now go back on sale for a short while longer in the United States. Apple filed an emergency request to the United States Court of Appeals following President Biden's decision to decline a veto on the sales ban, allowing it to take effect earlier this week. ...