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Cash App takes on Apple with a 4.5% APY for savings accounts (with direct deposit)
Apple's recent move to boost the interest rate for its Apple Card Savings Account to 4.5% is now prompting a competitor to do the same. Cash App today
To earn the 4.5% rate, customers must also have a Cash App Card, be using a personal (not business) account, and be at least 18 years old. The news is another example of not only how Apple’s entry into the savings market is forcing others to raise rates to compete, but also how consumers are benefiting from the Federal Reserve’s push to fight inflation. Another digital banking service, Step, raised its rate to 5% following Apple’s entry into the market, for instance.
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