Apple is Launching a Savings Account, and Slickdeals Users are Raving About it

Ashlyn Brooks

April 20, 2023 at 11:16 AM·3 min read

There’s a ton of buzz in the Slickdeals community about the latest offering from the tech giant, Apple: a high-yield savings account with a 4.15% annual percentage yield (APY).

With no fees, minimum deposits, or balance requirements, this account is a game-changer for anyone looking to grow their savings.

Here’s what you need to know to take advantage of this exciting opportunity.

What is the Apple Card Savings Account?

Apple

The Apple Card Savings account is a high-yield savings account offered exclusively to Apple Card users. This account offers a competitive 4.15% annual percentage yield (APY) on balances, and doesn’t feature any fees and minimum deposit or balance requirements.

While it’s not the absolute highest interest rate on the market currently, it outdoes most of the competition. With the average interest on a savings account hovering around 0.39%, Apple’s offer of 4.15% is something worth smiling about.

Slickdeals Reacts to Apple’s New Account

After being viewed nearly 295,000 times on the Slickdeals deals thread, Slickdeals users are clearly excited about this account’s competitive APY and added convenience, with some speculating on how the financial industry will feel the blow.

Slickdeals user dhizzy commented, “Seems very convenient. Pretty much everything in one add. Handy for sure”. User George_P_Burdell predicts, “Bunch of banks are gonna burn when folks start moving money to Apple.” With recent news of depositors moving nearly $60 billion out from three major financial institutions in the first quarter of 2023, it seems this user’s prediction may prove true.

Meanwhile, since the savings account debuted on April 17th, the thread has gained over 440 comments and been highly rated with 87% of voters claiming it’s a “Great Deal”. Which is basically the equivalent to giving it 5 stars in the Slickdeals world.

Slickdeals

How to Open and Maintain an Account

To open and maintain an Apple Card Savings account, you must meet the following requirements:

Be an owner or co-owner of an active Apple Card account and add the card to your iPhone
Be at least 18 years old
Have a social security number or individual taxpayer identification number
Be a U.S. resident with a valid physical address
Set up two-factor authentication for your Apple ID and update to the latest version of iOS

Apple Breaks New Ground

The Apple Card Savings account is a significant development for Apple’s foray into financial services.

By partnering with Goldman Sachs, Apple is able to offer a high-yield savings account that is accessible and user-friendly. The lack of fees and minimum balance requirements make it an attractive option for customers looking to grow their savings.

This account is also part of a larger suite of financial services that Apple has launched in recent months, including a buy-now-pay-later service called Pay Later. By offering a comprehensive suite of financial services, Apple is creating a one-stop-shop for all things finance-related, which is likely to deepen customer engagement and loyalty.

Quick Tip

Since Apple is not a bank itself it is partnering with Goldman Sachs to offer financial services such as their Apple Credit Card and the savings account. Which also means accounts will be FDIC insured up to $250,000.

Is It Right for You?

Apple Card Savings account is a sound and user-friendly option for anyone looking to grow their savings. With a high-yield APY, no fees, and seamless integration with other Apple products, Apple is disrupting the traditional banking industry and offering customers an innovative alternative for their financial needs.

NBC News
FBI aid requested in case of Mica Miller, South Carolina pastor's estranged wife whose death was ruled suicide
Officials asked for federal assistance in the investigation into the apparent suicide of a South Carolina pastor’s wife amid allegations of abuse, including a police report she filed the month before she died saying she feared for her life after her tires were deflated.
TODAY
Nikki Glaser is brutally honest about why she doesn’t want to have kids
Comedian Nikki Glaser admitted something you don't often hear women say in public: she intentionally decided not to have biological children.
TODAY
Joy Bauer went to the ER on Mother’s Day for a bagel injury. Here’s how to safely slice one
Slicing bagels can be dangerous, sending hundreds of Americans to the emergency room every year. An expert shares tips on how to slice a bagel without injuring yourself.
CNN
How Biden and Trump agreed on where and when to disagree
For two men who agree on so little, President Joe Biden and former President Donald Trump could agree on this: They needed to debate.
TODAY
The day I flew home after being kidnapped by terrorists on a rock-climbing trip
An excerpt from rock climber Beth Rodden's new memoir, "A Light Through the Cracks," about how she was kidnapped by Islamic militants in 2000 in Kyrgyzstan.
Time
Amazon Workers Say They Struggle to Afford Food and Rent
A national study asked U.S. employees about their economic wellbeing.
NBC News
Jim Jordan accuses New York hush money prosecutor of Trump 'obsession'
House Judiciary Committee Chairman Jim Jordan is demanding documents from the New York attorney general related to the hiring of a lead prosecutor in Donald Trump’s hush money trial.
NBC News
Supreme Court allows Louisiana to use congressional map with second majority-Black district
The Supreme Court paved the way for Louisiana to use a congressional map in this year's election that includes two majority-Black districts.
NBC News
Florida teen says she was denied entry to prom for wearing a suit
Sophie Savidge says she was told her suit was in violation of Mason Classical Academy’s dress code when she arrived for prom.
Associated Press
Idaho inmate pleads guilty to escaping hospital after correctional officers are attacked
An Idaho inmate who slipped custody from a hospital in March after a violent attack on corrections officers has pleaded guilty to escape, while still facing the possibility of two felony enhancements that could add to his sentence. Skylar Meade entered the plea in 4th District Court on Wednesday. Violence erupted March 20 at a Boise hospital as Idaho Department of Correction officers were preparing to transport Meade back to prison after he was treated for injuries.
Associated Press
Open letter before European Parliament election: Prioritize democracy as authoritarianism grows
Nearly 300 signatories have signed an open 10-point letter before next month's European Parliament election, saying lawmakers should be putting democracy at the top of their agenda in an increasingly authoritarian world. The letter, which was released on Thursday, calls for widening powers to uphold the rule of law, ensuring new digital technologies safeguard human rights, and to place democracy at the heart of the European Union’s security, migration, energy, and trade agendas. “These converging challenges have created a real risk that in this global election year, EU member states as well as some of its key partners may see the ascent of anti-democratic political actors," according to the Stockholm-based International Institute for Democracy and Electoral Assistance, which initiated the open letter.
CBS News
Minneapolis police face officer shortage amid effort to rebuild public trust
Minneapolis Police Chief Brian O'Hara says his department is short more than 200 officers, and has lost 40% of its police force in the last four years.
Associated Press
North Carolina lawmakers push bill to ban most public mask wearing, citing crime
Republican lawmakers in North Carolina are pushing forward with their plan to repeal a pandemic-era law that allowed the wearing of masks in public for health reasons, a move spurred in part by demonstrations against the war in Gaza that have included masked protesters camped out on college campuses. The legislation cleared the Senate on Wednesday in a 30-15 vote along party lines despite several attempts by state Senate Democrats to change the bill. The bill, which would raise penalties for someone who wears a mask while committing a crime, including arrested protesters, could still be altered as it heads back to the House.
Time
Mica Miller Case: Here's Everything We Know About
Conspiracies surround the mysterious death of Mica Miller, whose late April death was ruled a suicide by authorities.
NBC News
Devotees of Panera’s Charged Lemonade are savoring their last drops of the controversial beverage
Despite lawsuits blaming the highly caffeinated drink for permanent health problems and two deaths, Charged Lemonade has amassed a dedicated fan base.
NBC News
UC Berkeley encampment comes down after school agrees to review investments
Student protesters at UC Berkeley, began dismantling their encampment after reaching an agreement with administrators.
Associated Press
Donald Trump asks New York’s high court to intervene in fight over gag order in hush money trial
Donald Trump is seeking to have New York’s highest court intervene in his fight over a gag order that has seen him fined $10,000 and threatened with jail for violating a ban on commenting about witnesses, jurors and others connected to his hush money criminal trial. The former president’s lawyers filed a notice of appeal Wednesday, a day after the state’s mid-level appellate court refused his request to lift or modify the restrictions. The filing was listed on a court docket, but the document itself was sealed and not available.
CNN
US removes Cuba from list of countries not fully cooperating on counterterrorism efforts
The State Department took Cuba off the list of the countries that are not fully cooperating with the US on counterterrorism efforts, a State Department official said.
AFP
Putin arrives in Beijing seeking greater support for war effort
Russian President Vladimir Putin arrived in China on Thursday to meet with counterpart Xi Jinping as he seeks greater support from Beijing for his war effort in Ukraine and his isolated economy.US Secretary of State Antony Blinken, who met Xi in Beijing last month, warned China's support for Russia's "brutal war of aggression" in Ukraine had helped Russia ramp up production of rockets, drones and tanks -- while stopping short of direct arms exports.
CNN
US-built floating pier begins moving from Ashdod port to Gaza, defense official says
The floating pier that will allow for humanitarian aid to flow into Gaza from the sea is moving from the port of Ashdod toward Gaza, according to a US defense official.