The subject of interest rates is currently on everyone’s lips. Because: The European Central Bank (ECB) has initiated the turnaround in interest rates. In Europe, therefore, many banks lure with lucrative returns. Now Apple has caused a bang in the USA. Because the iPhone group promises 4.1 percent interest on its money market account.
Apple promises 4.1 percent interest on savings accounts in the US
Apple has presented a digital savings account. The promise: 4.15 percent interest per year for Apple Card users in the US. According to an official statement, this corresponds to an “interest rate that is more than ten times the national average”.
The savings account can therefore be set up in Apple’s wallet app. There are no fees, nor is there a minimum deposit. Meanwhile, 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 program 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. There is also the option of transferring 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 extremely low. Because 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: Will the Apple savings account also come to Germany?
The catch: Apple’s savings account is initially only available to customers in the United States. Does the iPhone group also want to offer a call money account with 4.15 percent interest in other countries? There is no official information on this yet. The interest program from Apple can also only be used with all iPhones from version iOS 16.4.
Meanwhile, the high yields could mean that some US banks will accelerate their cash outflows. Especially since there were previously only money market funds as a lucrative alternative in the USA. The US dollar and US government bond yields are currently experiencing a veritable price rally.