Apple has announced that its card users in the U.S. can now set up a savings account from Goldman Sachs which offers a high-yield APY of 4.15 percent. This is more than 10 times the national average according to the FDIC.

In a press statement, Apple said that there are no fees, minimum deposits or minimum balance requirements for the savings account. Users will be able to manage their savings account directly from the Apple Card in the wallet.

Once a savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn.

Users can deposit additional funds into their savings account through a linked bank account, or from their Apple Cash balance to build on their savings even further.

According to Apple, users can also withdraw funds at any time through the savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.

However, Apple did mention in its fine print that the APY may change at any time as the market fluctuates and a maximum balance limit of US$250,000 will apply.

It is worth noting that the annual percentage rate (APR) for the Apple Card range from a whopping 15.74 percent to 26.74 percent as of April 1, 2023 based on the user’s creditworthiness.

“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.

 

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.”

said Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet.

This article first appeared on Fintech News America.