Apple announces high-yield saving accounts for card users

April 17 (UPI) -- Apple announced a new perk for Apple Card users on Monday, introducing a new high-yield savings account option.

The Apple Card savings account through Goldman Sachs offers 4.15% APY with no fees, minimum deposits or minimum balance requirements. The new feature, called Savings, went live on Monday.

"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," Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said in a statement. "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."

The savings account can be set up within Apple Wallet, where it will be accessed in a Savings dashboard. The account will work hand-in-hand with Daily Cash rewards by depositing Daily Cash earnings into the savings account automatically. Customers can also deposit with linked banking accounts, according to Apple.

Apple said its rate of return is 10 times higher than the national average.

According to engadget, iOS 16.4 or newer is required to use the account. Account balances are limited to $250,000 and it supports transfers from $1 to $10,000 with a limit of $20,000 in transfers per week.

The Apple Savings feature is the latest addition to the company's push to offer an expanded suite of financial services to its users. In March, Apple revealed the Apple Pay Later feature, a no-interest, no-fee short-term loan service. It allows users to break down purchases into six payments which can be tracked in Apple Wallet.