Apple unveils savings account

(The Hill) – Apple on Monday launched savings accounts for its Apple Card users, which can be accessed and tracked through the Apple Wallet app on iPhones.

In a news release, the company said users can deposit cash back on purchases into Goldman Sachs savings accounts, without any additional deposit feed. It said the accounts have an annual yield (APY) of 4.15 percent.

That is significantly higher than the national average APY of 0.35 percent, according to the Federal Deposit Insurance Corporation. But other large credit unions and banks offer similarly high rates, noted CNBC.

“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” Apple Pay and Apple Wallet vice president Jennifer Bailey said in a statement.

“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.”

In December, Apple introduced an end-to-end encryption service, called Advanced Data Protection for iCloud, which will allow users to protect their most important data in their iCloud accounts.