At 4.15%, Interest Rate On Apple's New Savings Account Is Higher Than India's Major Banks

At a time when Apple is grabbing the limelight amid its first-ever store launch in India, the tech giant, which is also the world's first company to hit $3 trillion in market value, has also made another key announcement.

Apple launched its savings account facility yesterday in partnership with Goldman Sachs. The high-yield savings account offers a 4.15% interest rate, which it claims is more than 10 times the national average in the US.

Apple's Savings Account Rate Is Higher Than That of Major Indian Banks

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Not just that, even if we look at the savings accounts of most of India¡¯s major banks, the interest rates are lower than what Apple is offering, i.e., 4.15%.

For instance, looking at some of India¡¯s biggest public and private sector banks¡¯ savings account interest rates, SBI is currently offering 2.7%¨C3%,, PNB is offering 2.7%¨C3%, HDFC Bank is offering 3%-3.5%, Kotak Mahindra Bank is offering 3.5%¨C4%, Bank of Baroda is offering 2.75%¨C3.35%, Axis Bank is offering 3%-3.5% and ICICI is offering 3%-3.5%.

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More About Apple¡¯s Savings Account

AP

Apple Card users can choose to grow their Daily Cash rewards with this savings account from Goldman Sachs, with no fees, no minimum deposits, and no minimum balance requirements. As per the tech giant¡¯s press release, users can easily set up and manage their savings account directly from their Apple Card in Wallet.

"Savings helps our users get even more value out of their favourite Apple Card benefit¡ªDaily Cash¡ªwhile providing them with 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 lead healthier financial lives, and building Savings into the Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly¡ªall from one place."

Once a savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there¡¯s no limit on how much Daily Cash users can earn. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account or from their Apple Cash balance, the press release mentioned.

Users will also have access to an easy-to-use savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or their Apple Cash card with no fees.

Apple further mentioned that the new Savings account from Goldman Sachs builds upon the financial health benefits that Apple Card already offers, with absolutely no fees, Daily Cash on every purchase, and tools that encourage users to pay less Apple Card interest ¡ª all while offering the privacy and security users expect from Apple.

How Apple Is Becoming More Like A Bank

This newly launched savings account facility is not the first banking facility that Apple has announced. Over the past few years, Apple has slowly become more like a bank, especially through its partnership with Goldman Sachs.

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