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.

Business Solutions

Windows 11 Pro for $20: Built for Business Owners Who Do It All

A one-time payment gives you lifetime access to the tools you need to secure data, streamline workflows, and scale your business.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Starting a Business

'Don't Wait Until Everything Is Just Right': How a Common Frustration Inspired This Entrepreneur to Co-Found a Thriving Business

Mike Mayer, co-founder and co-CEO of Windmill, shares how an annoying struggle with an air conditioning unit sparked the idea for an innovative air quality company.

Money & Finance

Startup Founders Need to Advocate For Their Own Compensation — Here's How to Do It Right

Ensuring fair compensation as a founder or CEO is crucial to staying motivated and building a successful company. Here's how to strategically handle the conversation and get the pay that reflects your worth.

Business News

Walmart Is Laying Off Hundreds, Relocating Others as the Company Closes a U.S. Office

Walmart is giving some employees at least a month to decide if they want to relocate.

Science & Technology

3 Reasons Why Web3 Will Flip Digital Ownership On Its Head

Here are the three things that Web3 could completely change about digital ownership.