On Monday, Apple introduced the Apple Card Savings account, boasting an impressive 4.15% annual percentage yield (APY). The account requires no minimum deposit or balance, and can be set up directly from the Wallet app on users' iPhones, as long as they possess an Apple Card.

In a press release, Apple stated that all Daily Cash rewards accumulated through the Apple Card will be automatically deposited into the savings account. Daily Cash, the company's reward program, offers up to 3% back on purchases. Users have the flexibility to modify the destination of their Daily Cash deposits and can also add funds from their bank accounts to augment their earnings.

Goldman Sachs is Apple's partner in launching the savings account. The current national average APY for savings accounts, according to the Federal Deposit Insurance Corporation, is a mere 0.35%, making Apple's 4.15% APY quite competitive. However, other savings accounts provided by large credit unions, online banks, and traditional banks may also present customers with attractive APYs.

For instance, CIT Bank offers a savings account featuring a 4.75% APY for customers who maintain a minimum balance of $5,000. Marcus by Goldman Sachs provides a 3.9% APY with no minimum balance or monthly fees. Capital One's savings account requires no minimum balance and yields a 3.5% APY, while Vio Bank's savings account delivers a 4.77% APY without mandating a minimum balance.

Users of the Apple Card Savings account can manage their finances through a dashboard within the Wallet app. This allows them to monitor their interest, account balance, and withdraw funds with ease. The feature is being rolled out incrementally within the Apple Wallet app on iPhones. Users who don't yet see the feature should check back periodically for updates.