Apple on Monday launched its Apple Card savings account with a 4.15% annual percentage yield. It requires no minimum deposit or balance, Apple said, and users can set up an account from the Wallet app on their iPhones.
The company said in a blog post that once a user sets up a savings account, all of the Daily Cash that is earned from then on will automatically be deposited there. Daily Cash is the Apple Card reward program that offers up to 3% back on purchases. Users can change where their Daily Cash is deposited at any time, and they can also add additional funds from their bank account to build on their earnings.
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Apple is launching the savings account through Goldman Sachs.