After a few rumors, the official announcement has gone live; you can now open up your Apple Card Savings account today, with the company stating that the APY, or annual percentage yield, is 4.15 percent. This figure is said to be 10 times the national average, and according to the press release, depositors will not be charged any fee, nor will they be required to deposit a minimum amount to obtain that annual yield.

“Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent — a rate that’s more than 10 times the national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.”

To get started with their Apple Cards Savings account, users can open up the Wallet app on their iPhones and follow the company’s recently published support documentfor more information. After the account has been set up, all the Daily Cash received will be automatically deposited into that account, where users can start earning interest. Alternatively, you can choose to have your Daily Cash added to the Apple Cash balance.

Of course, there are certain conditions that users need to satisfy before they can open their Apple Cards Savings account. They need to be 18 years or older and have a social security number or individual taxpayer identification number. They should also have a physical U.S. address if that was not obvious enough. There is a maximum allowed balance limit, which is $250,000, and it is insured by the FDIC (Federal Deposit Insurance Corporation).

The feature will not be supported by any iPhone that is running below version 16.4, so update your device to take advantage of the latest addition. Also, as you would suspect, Apple Cards Savings is currently only available to U.S. customers.

News Source: Apple