Apple launches savings account with 4.15% interest rate

Apple has announced a new way for Apple Card users to grow their Daily Cash rewards using a savings account from Goldman Sachs.

According to the company, the accounts will offer a 4.15% APY with no fees, minimum deposits or minimum balance requirements.

“Our goal is to build tools that help users lead healthier financial lives,” vice president of Apple Pay and Apple Wallet Jennifer Bailey said in a statement.

Apple Card users can set up an account directly from the Wallet app and will be able to build their savings account using Daily Cash, the rewards users earn when using the Apple Card to make purchases. Newly earned Daily Cash will be automatically deposited into the account, unless the user opts to change the destination for their Daily Cash, the company said. Users will also be able to transfer funds from their linked bank to the account.

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