Apple has launched a savings account for its Apple Card users with no fees and an interest rate of over 4.15%. Here’s how to sign up and what you need to know.

Apple Card users can earn interest on their rewards, as the company automatically deposits the users’ Daily Cash Reward into a High-Yield Savings account from Goldman Sachs so that users can grow their savings over time unless users opt-out to change the destination for their Daily cash. This savings account doesn’t include a fee or require a minimum deposit and has no minimum balance requirements. Users’ money is FDIC insured up to $250,000 per depositor, the maximum amount you can keep in your account.

This could be one of the best ways for users who want to save and earn interest on their savings accounts. Many Apple Card users have been waiting for this since the company first announced it in October. It promises to offer a 4.15% APY (Annual Percentage Yield), considered significant as it is more than 10x the national average since the current low-interest rate offered by banks, which is the Average national APY on Savings accounts, is 0.3%. If you have yet to hear of Daily Cash, it’s an Apple Card Reward Program that offers 3% back on purchases that appear in the Apple Wallet app.

To view all the users’ savings, they can check from the Savings Dashboard in the wallet. This makes it easier for users to keep track of their account balance and interest earned over time. Apple Cash balance can be used to pay or send money to friends or family, and can also transfer this balance to a regular bank and foreign transactions without any fee involved.

How to open an Apple High-Yield Savings Account:

To start with an Apple Cash Savings account, users must have a wallet on their iPhone and an Apple Card. This requires you to set up Apple Card Saving, currently available for U.S. residents 18 years or older. Here are the following instructions mentioned down below:

• Open the Wallet app on their iPhone.
• Tap on Apple Card and tap the More button (triple-dot menu) in the upper-right corner.
• Now, tap on Daily Cash, and then from the Daily Cash menu, choose Saving, which is found under Daily Cash Election.
• After that, tap on Saving and then continue where it asks you to enter your Social Security Number along with other essential details to verify, and then by tapping Agree to terms and conditions, continue with the setup.
• Enter how much money you want to deposit into the savings account.
• That’s it; Apple Card Saving could take 1-3 business days.

Once you finish setting up Apple Card Saving and have deposited the money, you can start earning interest instantly. You can also change the destination of your Daily Cash Deposit anytime, but it’s a good idea if you leave it in the savings account to earn interest. Users also have the option to add money to their Apple Cash Savings account by depositing funds directly from their linked bank account. Apple isn’t a bank; it partnered with Goldman Sachs to provide banking services.

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Do Note: Apple doesn’t collect fees or require minimum deposits or balances. Users can only transfer up to $20,000 from their Apple Savings account within 7 days and cannot deposit cash or make wire transfers with this account.

This makes the Apple Cash Savings account one of the most appealing options for users looking for a high-yield savings account. It’s a great way to start saving money, primarily because it doesn’t involve fees, deposit, or balance requirements. If you share your Apple Card account with your loved ones, they can start their savings. Despite the growth of Apple Card, Goldman Sachs has posted a $1.2 Billion Loss, partly attributed to its consumer offering such as Apple.

Apple isn’t making any promises regarding future interest rates, which means they could go down and up at any time. Partnering with Goldman Sachs again to integrate banking features into the Apple Ecosystem, users need not worry as the Federal Deposit Insurance Corporation (FDIC) covers the balances.

If you are not an Apple Card user, then many great high-yield savings options like CIT Bank, Ally Bank, and Discover bank offer approximately 4.50% more APY with no fees associated and minimum balance requirements. Do compare the options before opening a Savings account in any bank.