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Apple’s New Savings Account: Can Nigerians Benefit from It?

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Source: YouTube

Currently, Apple and Goldman Sachs partnered to launch a new saving account for its card users.

This account offers users a high-yielding interest of 4.15%, which is ten times more than the US national average.

It comes without initial payments or minimum balance needs. Apple card users can easily open an account via the iOS 16’s wallet app.

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Unveiling Apple’s Savings Account

Apple (a US technology giant), has partnered with Golden Sachs (the world’s biggest Bank) to unveil an exclusive saving account. This account promises 4.15% returns which are mind-blowing.

apple

Source: YouTube

According to FDIC (Federal Deposit Insurance Commission), since the average interest rate of a US savings account is 0.37%, this Apple card is 10 times better.

The vice president of Apple Pay and Wallet Jennifer Bailey said that it aims to help its users live a financially healthy life. She also said that Apple’s new card enables users to save, send and spend directly and effortlessly from one place.

Additionally, Apple claims that the account doesn’t only build and benefit their users financially, but also ensures their security and privacy.

Here are things must know before diving into the offer;

  • No fees, minimum balance, and minimum deposit requirement
  • You can easily create an account directly from your Apple card
  • Golden Sachs Bank USA provided the saving account
  • Apple card issuing is subject to credit approval. It is currently available for US applicants alone.
  • The (APY) annual percentage yield is 4.15%, and these terms are changeable

Only users based in the US can open this new account, so Nigerians abroad can take advantage of it. The other requirements include SSN, Age 18+, US address, and an iOS update.

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Nigerians Can Benefit From Apple Card Savings Account

Have in mind that only US residents can enjoy this new Apple offering. So only Nigerians that are based in the United States with an SSN (social security number) can open this savings account.

ios 16 +

Source: freepik

You must have an iOS 16.4 or later device, an available wallet app, and an Apple card too. Once you’ve created your card, follow prompt instructions and start saving via Daily Cash.

You can also save directly from an external bank account. Once you start saving, the interest starts accumulating.

To deposit money via an external bank account, you will have to go to your wallet app, click on Apple card, tap savings account and click on add money.

After that, choose the payment source you want and double-click on the side button for identification.

Note that, you must set up two-factor authentication for your Apple ID and update it before going through the above process.

 

 

 

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