Apple has unveiled its latest offering for Apple Card users, a high-yield Savings account, now available through Goldman Sachs. The new account offers a 4.15 percent annual percentage yield (APY), more than 10 times the national average, making it an attractive option for anyone looking to grow their savings.
The Savings account is designed to work seamlessly with the Daily Cash rewards system, which already offers users cash back on every purchase made using the Apple Card. Any Daily Cash rewards earned will be automatically deposited into the Savings account, with the option to change the destination at any time. There are no minimum deposit or balance requirements, and no fees associated with the account.
“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.
The Savings account is managed directly from the Wallet app, where users can also track their balance and interest earned over time. Funds can be withdrawn at any time without fees, either by transferring to a linked bank account or to an Apple Cash card.
The new offering builds on Apple Card’s existing financial health benefits, including no fees, Daily Cash on every purchase, and tools to encourage users to pay less interest. With the addition of the high-yield Savings account, Apple is providing another tool to help users lead healthier financial lives.
To set up the Savings account, users simply need to update their Wallet app to the latest version and follow the instructions provided.