STATEN ISLAND, N.Y. – There’s a new high-yield savings account available for Apple Card users, with no fees, no minimum deposits and no minimum balance requirements. Its key standout feature? An interest rate that’s more than 10 times the national savings account average.
“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,” Jennifer Bailey, vice president of Apple Pay and Apple Wallet, said in a statement introducing the new account, which is sponsored by Goldman Sachs. “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.”
Offering a high-yield APY of 4.15%, the account can be set up and managed directly from Apple Card in Wallet, the company notes. “Daily Cash,” the cash-back benefit of the Apple Card, which accrues daily, will be automatically deposited into the account. There is no limit on how much Daily Cash users can earn, Apple said.
To build on their savings even further, users can deposit additional funds into their account through a linked bank account, or from their Apple Cash balance.
“The new savings account from Goldman Sachs builds upon the financial health benefits that Apple Card already offers, with absolutely no fees, Daily Cash on every purchase, and tools that encourage users to pay less Apple Card interest,” Apple noted in a statement.
Users will have access to a savings dashboard in Wallet, where they can track their account balance and interest earned over time. Users can also withdraw funds at any time through the dashboard by transferring them to a linked bank account or to their Apple Cash card.