Apple’s High-Yield Savings Account Is Now Active: How to Open One

Just days after launching Apple Pay Later (it's only available for select Apple users right now), Apple announced yet another exciting feature for customers to take advantage of — an Apple Savings account. Unlike some financial institutions that impose minimum deposit requirements and fees for such accounts, Apple doesn't. Apple also offers a high-yield APY of 4.15 percent as an added benefit.

If you’re an Apple user or you're thinking about leaving your Android behind, here’s everything to know about the Apple Savings account, including how to set it up and its many perks.

Apple partnered with Goldman Sachs to offer a Savings account to current and future Apple Card customers. To be clear, you need an active Apple Card to open an Apple Savings account. Users can open and manage their savings account from their Apple Card in the Wallet app.

Once set up, Apple users can choose to have the Daily Cash rewards they collect from using their Apple Card deposited into their savings account. As previously mentioned, the account offers a high-yield APY of 4.15 percent. APY, or annual percentage yield, is the actual interest you accrue on the money deposited into your account.

This means you can collect interest on the interest you previously earned if you continue to keep your money stored in the Apple Savings account.

As an added benefit, Apple isn’t charging any fees for the Savings account, nor will it impose a minimum deposit limit or minimum balance requirement.

Once you set up your Apple Savings account, any Daily Cash rewards you earn will automatically be deposited into the account, per Apple’s press release. Of course, this can be changed if you decide to collect the cash rather than have it transferred to your savings account.

Apple Card users generally receive 3 percent cash back when they use their credit cards to make purchases from select retailers and 2 percent when they pay with their Apple Card via their Apple Watch or iPhone.

Apple also allows customers to deposit additional money into their savings accounts, which can be done through a linked bank account or their Apple Cash balance. Sounds effortless, right?

To ensure you can track your savings and see what's going in and out of your Apple Savings account, customers can access a Savings dashboard in the Wallet app. Should you decide you’re ready to withdraw some money from your Savings account, you can do so by transferring the money to your Apple Cash card or a linked bank account.

Although Apple doesn't charge fees for withdrawing money from a savings account, users will be subject to transfer limits.

Saving money is a crucial step in building financial stability and security. By opening a savings account, you’re paving the way to save money and potentially collect interest. While there are many perks to opening a savings account, there are a few things you’ll want to consider before you do. These include:

• Account fees
• APY and interest
• Minimum balance requirements
• Minimum deposit
• Accessibility

Because fees can eat into your savings, it’s a good idea to find a financial institution or company that either doesn’t charge any fees or keeps them to a minimum. You also want to access your money when you need it most, without jumping through hoops to get it.