Apple Card customers in the U.S. can open a savings account and earn interest through an Apple saving account. While there are no fees associated with the account, there is a maximum balance limit of $250,000. The annual percentage yield (APY) of 4.15% applies to any sized balance and there is no minimum balance required.
Apple has partnered with Goldman Sachs for the banking feature created specifically for Apple Card customers. When customers pay with their Apple Card, they get cash back on all purchases. By default, all purchases grant you 1% in cash rewards and 2% for all purchases made using Apple Pay. Purchases with select merchants unlock 3% in rewards. Savings accounts are technically managed by Goldman Sachs, which means that balances are covered by the Federal Deposit Insurance Corporation (FDIC).
By default, customers receive cash rewards every day into Apple Cash, a pocket of money that appears in the Wallet app and that works more or less like a checking account. The Apple Cash balance can be used to pay for things using Apple Pay, for one’s credit card balance or to send money to friends and family members. One can also transfer this balance to a regular bank account. The card users can choose to deposit their daily rewards into their savings accounts. The savings account is accessible from the Wallet app as well. One can see the current balance, the current interest rate and the most recent transactions. Users can also manually add or withdraw money. The balance can be transferred to Apple Cash or a regular bank account.