Apple has expanded its financial services offerings with high-interest savings accounts to Apple Card users in conjunction with Goldman Sachs. There are no minimum savings, balance requirements, or fees. Through Apple's Wallet service, users can quickly see how much they have saved in the account.
These days, most savings accounts don't generate much in the way of interest, despite recent rate increases for loans. Bankrate reports that as of April 26, the average interest rate on a savings account was just .24 percent per year (APY), although you can find accounts offering interest in excess of 4 percent. This includes Apple's new savings account, which offers interest of up to 4.15 percent — more than 10 times the national average.
The higher interest rates will likely prove attractive for many Apple Card users. Lately, Apple has been tight-lipped about how many Apple Card users there are, but as of 2021, there were more than 6.4 million users. According to J.D. Power's 2022 U.S. Credit Card Satisfaction Study, Apple, in conjunction with Goldman Sachs, ranked number one for customer satisfaction among midsize credit card issuers.
Apple doesn't have a banking license and depends on traditional banks like Goldman Sachs. Still, Apple's massive user base offers attractive monetization potential, which may be especially important for the tech company as sales of laptops, phones, and other devices stagnate. Earlier this year, Apple paused production of its M2 chips, used for computers, due to sluggish demand.
Among other things, many users are holding onto laptops, smartphones, and other devices longer and otherwise are becoming more budget-conscious when picking up gadgets. A report from Assurant found that the average age of turned-in phones exceeded 3.5 years for the first time in 2022.