Shoppers who carry an Apple Card can now park their money in a new high-yield saving account.
Apple has partnered with Goldman Sachs to offer a high-yield savings account with a current annual percentage yield (APY) of 4.15%. The account has no fees, and requires no minimum deposit or minimum balance.
The Apple Card is a credit card issued by Goldman Sachs that allows users to earn cash back, a feature known as “Daily Cash.” Those who set up an Apple savings account will see their Daily Cash automatically deposited into the account, unless they choose to send it elsewhere.
Apple users can access a savings dashboard in their Apple Wallet that allows them to track the interest they earn and the overall balance in their savings account.
You can set up a savings account from the Wallet app on your iPhone. However, you must have an Apple Card to be eligible for the account.
According to a CNBC report:
“The feature is rolling out inside the Apple Wallet app on iPhones now. Check the app again later if you don’t see it immediately.”
While a 4.15% return on your money is good — the national average yield on savings accounts is just 0.37% — you might be able to do better. Discover your options by going to Money Talks News’ Solutions Center and searching for a great savings account rate.