Apple Card Savings Account, a new integration for the Wallet app first announced back in October, is now available with an impressive 4.15% annual percentage rate. Head below for all the details you need to know.
In a press release on Monday, Apple announced that Apple Card Savings Account is now available via the Wallet app. It offers a high-yield APY of 4.15%, which is “more than 10 times the national average. There are no fees, no minimum deposits, and no minimum balance requirements.
Apple Card Savings Account will allow you to automatically deposit your Daily Cash rewards into the account. So as you earn Daily Cash with your Apple Card, that money can be automatically deposited into the high-yield savings account in the Wallet app.
In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance.
“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.”
Users will also be able to track the balance of this high-yield savings account directly in the Wallet app. There will be a new “Savings Account” button in the Apple Card interface. Tapping on it will show a list of transactions and a chart showing the account’s growth. You’ll also be able to withdraw it to your bank easily.
Apple Card Savings Account will be operated in partnership with Goldman Sachs, which is also Apple’s partner for the Apple Card itself.
You can sign up for Apple Card Savings account starting today in the Wallet app on your iPhone.
FTC: We use income earning auto affiliate links. More.