Apple unveils high-yield savings account for Apple Card holders

Apple announced Monday that it is now offering its Apple Card holders a high-yield savings account with Goldman Sachs. 

Apple Card users can choose to grow their Daily Cash rewards with a savings account that offers an annual percentage yield (APY) of 4.15% – a rate that is more than 10 times the national average, according to the technology company.

The card features no fees, no minimum deposits and no minimum balance requirements. Interested users can set up and manage their savings account from Apple Card in their 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."

The Apple savings account through Goldman Sachs is FDIC insured. 

Users can also access a savings dashboard to track their account balance and interest earned over time. 

RELATED: Apple Pay Later launches after a six-month delay

In October, the tech giant said that the high-yield savings account for card holders would become available "in the coming months." 

This story was reported from Los Angeles.


 

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