April 18, 2023: On Monday, Apple launched its Apple Card savings account with a 4.15% annual percentage yield. Apple said it requires no minimum deposit or balance, and users can set up an account from the Wallet app on their iPhones.

The firm said in a press release that all Daily Cash rewards earned from the Apple Card would automatically be deposited to the savings account.

Daily Cash is the Apple Card reward schedule that offers increased to 3% back on purchases. Users can transfer where their Daily Cash is deposited and add funds from their bank account to build on their earnings.

Apple is launching a savings account through Goldman Sachs.

The Federal Deposit Insurance Corporation stated that the national average APY on savings accounts is nearly 0.35%, so Apple’s 4.15% APY is high in comparison. But large credit unions, online, and brick-and-mortar banks offer contending savings accounts, which can also provide customers with a vast APY.

CIT Bank provides a savings account with a nearly 4.75% APY when customers deposit a minimum of $5,000. Marcus by Goldman Sachs is a 3.9% APY with no minimum balance or per-month fees.

Capital One’s savings account has no lesser balance, and users can earn a 3.5% APY. Vio Bank is offering a savings account with a 4.77% APY with no minimum compensation.

Apple Card savings users manage their accounts through a dashboard in the Wallet app, where they track their interest and account balance or withdraw funds.