Apple is expanding its payment service offerings with a new savings account option for users.
On Monday, Apple announced a new feature — an Apple Card Savings Account through Goldman Sachs with an annual percentage yield (APY) of 4.15%, which is about 10 times more than the national average of 0.35%.
According to the press release, Apple Card savings account has no fees or minimum deposit or balance requirements and can be set up directly in the Wallet app of an iPhone.
“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, in a statement.
Savings account holders can access their account balance and interest over time in a Savings dashboard found in the Apple Wallet. There are restrictions to the service as well. Users must have an update of at least iOS 16.4, transfers to and from Apple Cash must range between $1 and $10,000, you cannot transfer more than $20,000 a week. Accounts can only have up to $250,000.
“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,” Bailey said.
The high-yield savings account was created with Goldman Sachs specifically for Apple. However, the company has not mentioned whether the rate will remain at 4.15% APY forever, meaning the rate could go up or down in the future.
Payment services have increasingly become part of Apple’s business as revenue has consistently grown since the introduction of Apple Pay in 2014. Apple CFO Luca Maestri said on an earnings call in February that payment services are “continuing to set new highs all the time for us,” per Yahoo Finance.