WASHINGTON (DC News Now) — Apple is launching a savings account for their credit card users, and promising an attractive annual percentage added to balances.
The tech giant announced a partnership with Goldman Sachs Monday to offer a savings account with a 4.15% annual percentage yield–which is 17 times higher than the national average, according to a Bankrate survey shared this week.
How does the Apple savings account size up elsewhere? Fortune said these savings accounts offer higher APY rates:
- UFB Direct
- Salem Five Direct
- TAB Bank
- Primis Bank
- Bread Savings
- CIT Bank
- Bask Bank
University of Maryland Professor Bobby Zhou told DC News Now Wednesday that consumers should review savings account deals regularly.
“Just because you are attracted to a nice offering initially, does not mean that you can give Apples, and Googles and Amazons the right to lock you in for an extended period of time and then as a consumer you miss out on better opportunities elsewhere.”
Despite the reportedly higher APY rates offered, the minimum balances required in a savings account from the organizations above varies.
“The big takeaway here is that as long as consumers are being very careful, they are paying attention to their monthly statement credits, I don’t think they have significant worries [about signing up for savings accounts],” Zhou said.
If consumers are looking at shopping around for savings accounts, they may consider credit card offers, too. Consumers can shop around and even negotiate what they pay.