Apple introduced the Apple Card savings account with a 4.15% APY. The account will be available in the U.S. It requires no minimum deposit or balance and can be setup via the Wallet app.
According to a press release, using the Apple Card to accrue Daily Cash points would result in instant deposits to the savings account. The Apple Card’s reward program, Daily Cash, gives account holders up to 3% cash back on purchases. Users have the option to modify the bank account into which their Daily Cash is deposited.
Apple Card users will have access to a dashboard in the Wallet app from which they can check their account balance, view interest earned, and make withdrawals.
This functionality is currently being rolled out to iPhone users through the Apple Wallet app. If it doesn’t appear in the app right away, try again later.
In order to open the savings account, customers need to have an Apple Card. Apple’s new savings account is being introduced by Goldman Sachs.