It took a while, but the high-yield savings account feature for the Apple Card is finally here.
Apple today began offering access to a high-yield savings account for Apple Card users, which was originally announced back in October.
Cupertino also revealed the exact return users can expect to see. The savings account will offer an annual percentage yield at 4.15%. That’s over 10 times higher than the 0.37% national average for savings accounts, according to the Federal Deposit Insurance Corporation.
Other banks offer similar or higher rates than Apple’s. However, there are restrictions on withdrawals, how much you need to invest to receive the return, and a lack of ATMs to support convenient withdrawals. Apple’s savings account feature, built with the help of Goldman Sachs, promises to make access to high-yield savings accounts easy for those who already adopted the company’s credit card.
“With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet,” Apple said in the announcement. Indeed, some users have already signed up and say the process takes less than two minutes to complete.
The money can be deposited from Apple Cash, the company’s answer to Venmo, along with linked bank accounts. In addition, the high-yield savings account can also hold a user’s cashback savings from Apple Card, also known as Daily Cash.
“Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account,” the company added. “The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn.”
The iOS Wallet app will also contain a dashboard where users can easily track the interest earned on their deposits. But for now, Apple appears to only be rolling out the savings account feature for US users, according to the deposit agreement, which notes the maximum balance a savings account is capped at $250,000.