Apple Launches a High-Yield Savings Account

The tech giant is expanding its financial products, to the benefit of its most loyal customers.

If you have an Apple Card, making the most of your cash back is about to get easier. Apple announced today it's going to launch a high-yield savings account from Goldman Sachs for the Apple Card. Cardholders will soon have the option to get their Daily Cash deposited automatically into the savings account and start earning interest.

The Apple Card's Daily Cash feature is a user favorite, because you get your rewards much more quickly than with most cash back credit cards. Apple's new savings account is a nice way to expand on that benefit. Here's what we know so far about it.

How the Apple Savings account will work

The Apple Savings account will have no fees, no minimum deposits, and no minimum balance requirements. Since it's a high-yield savings account and U.S. banks are hiking their rates, it will very likely have a generous interest rate. It's also being provided by Goldman Sachs, and that bank's savings account product, Marcus by Goldman Sachs, is known for its high APY.

Apple Card users will be able to open a savings account and set up automatic deposits for the Daily Cash they earn. They can also deposit additional funds to their savings account from other linked bank accounts they have. Withdrawals can be made at any time to linked bank accounts or an Apple Cash card.

You'll be able to track everything through a savings dashboard in your Apple Wallet. This will include your account balance and the amount of interest you've earned.

As far as who can get an Apple Savings account, it's going to be available to Apple Card owners and co-owners. Based on the information we have so far, it doesn't appear to be a savings account that will be available to everyone. It's for cardholders only.

A useful new product if you have an Apple Card

With high-yield savings accounts, the APY is always one of the most important factors. If the APY on Apple's Savings account is in line with what other accounts are offering, then it's going to be a valuable option for Apple Card users.

You already get your cash back on a daily basis with the Apple Card, instead of needing to wait weeks for it. By opening an Apple Savings account, you can pair that Daily Cash with immediate interest payments. You could make a little more money than normal from your cash back, and it's more convenient than needing to redeem that cash back yourself.

If you don't have the Apple Card, this new savings account isn't necessarily a reason to run out and apply. There are plenty of great savings accounts and quality credit cards available. Some other card issuers also let you set up automatic cash back redemptions, even if they're not quite as fast as redemptions with the Apple Card. But for cardholders, keep an eye out for this new account, because it's going to be one of the best ways to use your Daily Cash.