Apple seems to be much more like a financial institution now that it’s including a financial savings account to Apple Card

Soon, Apple Card customers will be capable to open a “new high-yield Savings account,” Apple says. There’s only one hitch: Apple gained’t say what rate of interest it’s providing.

There’s additionally no particular timeline for when customers can entry these financial savings accounts.

Apple has been transferring into fintech with the Apple Card, which it companions with Goldman Sachs on. As one in every of its perks, card customers get Daily Cash, Apple’s particular branding on the extra mundane cashback rewards, on their purchases. The promise of this “high-yield” financial savings account is that cardholders can have their Daily Cash deposited into it “with no fees, no minimum deposits, and no minimum balance requirements,” the corporate says.

This isn’t the primary financial savings account supplied by a tech firm — PayPal lately added a financial savings account with a 2.45 % annual share yield (APY), and Robinhood has examined comparable options. Apple, which additionally gives purchase now, pay later companies, seems to have determined that competing with tech corporations isn’t sufficient. It additionally needs to compete with banks. Of course, banks usually let you know what the rates of interest on their financial savings accounts are.

Anyone who has the account can even deposit funds into the brand new financial savings account from a linked checking account or from their current Apple Cash stability. Once it’s arrange, all Daily Cash obtained will mechanically be deposited into it, though customers can change that to place it immediately on the Apple Cash card within the Wallet app.