Apple Now Offering Savings Account With 4.15% Interest, Allowing Card Users To Get Paid On Their Cash

Apple Inc AAPL has announced the launch of a new high-yield savings account for Apple Card that will allow users to start earning interest right from their iPhones. 

What To Know: Beginning Monday, Apple Card holders can opt in to start growing their daily cash rewards with a savings account from Goldman Sachs Group Inc GS. Card users are eligible to earn 4.15% on their savings, a rate more than 10-fold the national average of 0.35%, per the FDIC.

There are no minimum deposit or balance requirements and users can set up and manage the account using Apple Card in the Wallet app on their iPhones, Apple said in a new press release.

“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. 

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Daily cash is Apple's reward program through the Apple Card that offers up to 3% cash back on purchases through Apple and other select merchants and 2% anywhere that accepts Apple Pay. 

Once users set up the new Savings option in the Wallet app, daily cash rewards will be automatically deposited into the account. Users will earn 4.15% on these rewards as well as any additional funds deposited into the newly-announced Savings account offering. 

Apple said it's rolling out a new feature that allows Apple Card users to easily track accrued interest over time via a Savings dashboard. Users can withdraw or transfer the money to another bank account at any time with "absolutely no fees."

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AAPL Price Action: Apple shares were down 0.51% at $164.36, at the time of writing, according to Benzinga Pro.

Photo: courtesy of Apple.