Save money with 4 percent interest at Apple (but not for everyone)

It is now possible to open a savings account with Apple and save money with an annual interest of no less than 4 percent. Will the service also come to the Netherlands?

Open a savings account with Apple

In October, Apple already announced that it will be possible to open a savings account with Apple. This savings account is then linked to the Apple Card, Apple’s own physical and digital debit card. In addition to making (online) payments, you can also use the card to gain insight into your expenses and income via the Apple Wallet.

Also read: iPhone tips: 3 smart features of Apple Pay

The new service has now been officially launched, making it possible to open a savings account with Apple itself. There is no minimum amount that must be on the account and you even get money back on many purchases. For example, you get 3 percent back when buying an Apple product, 2 percent when using Apple Pay and 1 percent on other expenses.

add apple pay credit card

Savings interest of no less than 4 percent

And that’s not the only advantage if you open a savings account with Apple. You receive no less than 4.15 percent interest annually if you choose to save money at Apple. By way of comparison: at RaboBank, ING and ABN AMRO you currently only receive 0.50 percent interest. A huge difference with the interest you get from Apple.

You can see all transactions from your Apple savings account in your Apple Wallet. In this way, Apple tries to give you a clearer insight into your financial situation. For example, it will soon be possible to see trends in your expenses and to make certain overviews of all transactions. In this way, Apple wants to make it as easy as possible for you to save money.

Apple pay transactions

Will the service come to the Netherlands?

The Apple Card is currently only available in the United States and is therefore unfortunately not (yet) available in the Netherlands. It is still unclear if and when the service will come to Europe. Tim Cook previously indicated that he has plans to bring the Apple Card to more countries.

Read also: Digital driving license in Apple Wallet: finally also to the Netherlands

In 2019, Apple CEO Tim Cook announced during a working visit to Germany that he planned to release the Apple Card internationally. After that, the Apple CEO has not given any clarity about possible expansion of Apple’s payment service. For example, with the launch of the new savings service, he has not made any statements about when we can save money at Apple in Europe.

For the time being, we will therefore have to wait a while for the Apple Card and the associated savings account from Apple. In any case, it is to be hoped that the service will come to the Netherlands sooner or later, with the high interest rate of no less than 4 percent.

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