Apple has recently launched its new Apple Card savings account, which offers a competitive annual percentage yield (APY) of 4.15%, with no minimum deposit or balance required. The new savings account can be set up easily through the Wallet app on iPhones.

According to a press release by Apple, all Daily Cash rewards earned through the Apple Card will be deposited automatically into the savings account. Daily Cash is the company’s rewards program for Apple Card users, offering up to 3% back on purchases. Users can also add funds from their bank account to build on their earnings.

Apple is partnering with Goldman Sachs for the savings account launch. The national average APY on savings accounts is just 0.35%, making Apple’s 4.15% APY an attractive offering. However, other large credit unions, online banks, and brick-and-mortar banks offer customers similar, if not higher, APY rates.

For instance, CIT Bank offers a 4.75% APY savings account when customers deposit a minimum balance of $5,000. Marcus by Goldman Sachs offers a 3.9% APY with no minimum balance or monthly fees, while Capital One offers a 3.5% APY with no minimum balance. Vio Bank offers a savings account with a 4.77% APY with no minimum balance.

Apple Card savings account users can manage their accounts through a dashboard that will appear in the Wallet app. They can track their interest, their account balance, and withdraw funds as needed. The new savings account is expected to appeal to Apple Card users who want to earn a higher return on their savings while having the convenience of managing their account from their iPhone.

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