Apple has launched a new high-yield savings account for Apple Card users that will come with a 4.15 annual percentage yield (APY).
Apple Card users can now choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into a high-yield Savings account from Goldman Sachs.
“Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 per cent — a rate that’s more than 10 times the national average,” said the company.
With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.
“Savings helps our users get even more value out of their favorite Apple Card benefit ‘Daily Cash’ while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly ‘all from one place’,” Bailey added.
Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account.
To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
“Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time,” Apple said late on Monday.
Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.