Apple Introduces a Savings Account with a 4.15% Interest Rate

On Monday, Apple introduced the Apple Card savings account from Goldman Sachs which offers users a 4.15% annual percentage yield. Users must have an Apple Card, but the account requires no minimum deposits, no fees and no minimum balance requirements.

The Apple Card reward program, Daily Cash, offers up to 3% back on purchases and all rewards earned will now be deposited to the savings account, the company said in a press release.

Users can track their account balance and interest earned using a Savings dashboard in the Apple Wallet, per the release. Users will also be able to withdraw funds with the Savings dashboard to linked bank accounts or to their Apple Cash cards with no fees.

“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,” Apple’s Vice President of Apple Pay and Apple Wallet, Jennifer Bailey said.