Apple unveiled its Apple Card savings account with a 4.15% annual percentage yield, accessible through the Wallet app on iPhones.
The account has no minimum deposit or balance requirement, and all Daily Cash rewards earned through the Apple Card will be automatically deposited.
Users can modify their deposit location and add funds from their bank account.
The savings account is launched in partnership with Goldman Sachs.
The national average APY on savings accounts is just 0.35%, according to the Federal Deposit Insurance Corporation, so Apple’s 4.15% APY is high in comparison.
Apple Card savings users can manage their accounts through a dashboard that will appear in the Wallet app, where they can track their interest and their account balance or withdraw funds.