Apple Card users in the United States can now open a savings account and earn interest through an Apple savings account.
According to a statement issued by the company, users can choose to grow their Daily Cash rewards with a savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent, a rate that’s more than 10 times the US national average.
There are no fees, no minimum deposits, and no minimum balance requirements, and users can easily set up and manage their savings account directly from Apple Card in Wallet. However, the maximum balance for the account is $250,000.
“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,” she added.
Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn.
To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.