Apple has launched a financial product, the Apple Card, to let customers in the U.S. open a savings account and earn interest.
Apple had originally announced the new financial product back in October but did not Apple share what interest rate would be paid out.
As of today, Apple is going to offer an APY of 4.15%.
Apple partnered with Goldman Sachs for the banking feature.
Savings accounts are technically managed by Goldman Sachs, which means that balances are covered by the Federal Deposit Insurance Corporation (FDIC).
When a customer pays 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.
Apple Card users can now choose to deposit their daily rewards into their savings accounts.
There are no fees associated with Apple’s savings account. However, there is a maximum balance limit of $250,000.
