No fees, no minimum deposit: Apple Card holders can now have high-yield savings account

After a months-long wait, Apple is launching its high-yield savings account for card holders in the U.S.

Starting Monday, users can choose to grow daily cash rewards with a savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent – a rate more than 10 times the national average, the company released in a statement.

“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,” Apple’s Vice President of Apple Pay and Apple Wallet Jennifer Bailey said. “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.”

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How the Apple Card savings account works

There are no fees, no minimum deposit, and no minimum balance requirements, the company said.

Users can set up and manage their savings account directly from Apple Card in Wallet.

Once the new account is created, the release states, all future cash earned by the card holder will be automatically deposited into the account.

The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn, the company said. To build on their savings even further, users can deposit additional funds into their savings account through a linked bank account, or from their Apple Cash balance.

Natalie Neysa Alund covers breaking and trending news for Paste BN. Reach her at nalund@usatoday.com and follow her on Twitter @nataliealund