iPhone maker Apple continues to expand its financial services business. After introducing the “buy now, pay later” service Apple Pay Later last month, the company now announced that it would start offering high-yield savings accounts to its users.
Created in partnership with Goldman Sachs, the savings account service will be available to all Apple Card holders. The users will be able to either transfer money or deposit Daily Cash to the account while getting an annual percentage yield (APY) of 4.15%.
Apple savings account, which is managed from the Wallet app, has no fees, no minimum balance requirements, and allows money withdrawals at any point. However, there are some limitations since users can’t hold more than $250,000 in their accounts. Also, there is a maximum deposit of $10,000 in one transaction.
“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
Apple’s savings account could prove popular with users considering its flexibility and generous annual percentage yield. According to data from Federal Deposit Insurance Corporation, the current national APY average is 0.35%.