Apple Savings

Despite the year-long rise in interest rates, our major-bank savings account rate has not budged from 0.03%(!) On our average balance of $10,000 we earn a handsome (sarc) $3 per year. Meanwhile, last week Apple launched its Savings Account that pays 4.15%. (Accounts under $250,000 are managed by Goldman Sachs and are insured by the FDIC.} Your humble blogger is not so wealthy that he sneezes at the difference between $3 and $415.

Establishing the Apple Savings account took a couple of minutes on the iPhone. I opened the Wallet app, tapped the Apple Card and the three dots (...) in the upper corner and selected Daily Cash. Setting up the Savings Account required entering my Social Security Number for tax reporting and checking a withholding option.

The bank account that pays the monthly Apple Card charges is the same account that is used for savings deposits and withdrawals. I immediately transferred $1,000 into Apple Savings.

I feel myself getting richer already.