Apple Launches High-Yield Savings Account With 4% Interest

Apple is getting into the banking business in a partnership with Goldman Sachs. On Monday (April 17), the tech giant announced it is offering a savings account for Apple Card users with a 4.15% annual percentage yield.

The account does not require a minimum balance or deposit to open. 

In addition to any money that users deposit, Apple will also deposit three percent of all Apple Card purchases as part of its Daily Cash rewards program.

You can sign up for the account on your iPhone using the Wallet app.

The app has been updated to include a dashboard allowing you to track your savings and withdraw or transfer money. Users will be able to send the money directly to their Apple Card or another linked bank account free of charge.

"Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day," said Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet. "Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place."