Get All Access for $5/mo

Apple Launches Apple Card Savings With APY 10x Higher Than National Average The company announced the new savings account with a 4.15% annual percentage yield.

By Madeline Garfinkle

Opinions expressed by Entrepreneur contributors are their own.

NurPhoto | Getty Images

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.

Related: Apple Pay Later Rolls Out to Selected Users — Here's How It Works

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.

Source: Apple

"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.

Related: Should You Consider a High-Yield Savings Account? Here's What You Need to Know.

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.

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.