Setting up the savings account is straightforward, although users are required to have an active Apple Card.
Once the account is opened, cash-back rewards from Apple credit card purchases called Apple Cash can automatically be deposited into the interest-bearing savings account. Users can also transfer money from an existing savings account to their Apple Savings account.
The annual yield is 4.15%, but the yield will shift over time as interest rates change.
In total, the Apple Savings account can hold up to $250,000 in deposits, which are insured by the FDIC. No minimum deposit is required.
As of yesterday, the feature is now available inside Apple’s Wallet app for all Apple Card holders in the U.S.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices: