Apple launches its savings account with 4.15% interest rate for US users

Apple Card users can choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into a high-yield Savings account from Goldman Sachs. (Photo: Apple)

Apple on April 17 launched its Apple Card savings account with a 4.15 percent annual percentage yield (APY). This is another financial feature the Cupertino-based firm is bringing to Apple Card owners in the US.

According to a company statement, the new account requires no minimum deposit or balance and users can set up an account from the Wallet app on their iPhones.

The company said in a press release that 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.

Apple said it will launch the savings account through Goldman Sachs.

“Savings helps our users get even more value out of their favourite 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.

The national average APY on savings accounts is just 0.35 percent, according to the Federal Deposit Insurance Corporation, so Apple’s 4.15 percent 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.

“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," Bailey added.