Apple Card’s new Savings account now available, offers high-yield APY of 4.15%

Apple Savings is now available for Apple Card users – transfer Daily Cash rewards into a high-yield savings account.

Starting Monday, April 17, Apple Card users in the U.S. can grow their Daily Cash rewards with a Savings account from Goldman Sachs.

What’s great about this is that it offers a high annual percentage yield (APY) of 4.15% – a rate considered to be over 10x the national average.

Users can easily manage their Savings account directly from Apple Card in Wallet, and they can enjoy no minimum balance requirements, no minimum deposits, and no fees.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said:

“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. 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.”

After setting up a Savings account, all Daily Cash earned will be deposited automatically into the account. The destination of Daily Cash can also be changed any time, and there is no restriction on how much Daily Cash users can earn. To grow their savings even more, users can deposit additional funds into their Savings account either from their Apple Cash balance, or via a linked bank account.

Also, a convenient Savings dashboard in Wallet is made available, where users can easily track their current account balance and interest earned over time. They can also cash out or withdraw the money anytime via the Savings dashboard by transferring the funds either to their Apple Cash card (no fees) or to a linked bank account.