Apple today officially released a feature exclusively for Apple Card owners and co-owners, allowing users to optionally deposit funds into a high-yield Savings account from Goldman Sachs through a linked bank account or by using their Apple Cash balance.

The feature can be configured directly from the Wallet app “with no fees, no minimum deposits, and no minimum balance requirements,” according to the original press release from Apple. Apple Card owners and co-owners also have the option to have their Daily Cash rewards automatically deposited into their Savings account instead of their Apple Cash card.

“Users can change their Daily Cash destination at any time,” and “there is no limit to the amount of Daily Cash users can receive,” according to the same press release from Apple. The feature can be configured directly from the Wallet app with a new “Savings dashboard,” enabling Savings account holders to track their account balance and interest accrued as time passes. Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, had the following to say regarding the new feature:

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. 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.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet

The Apple Card Savings feature requires iOS 16.4 or later and arrives following the recent debut of Apple Pay Later, which currently allows randomly-selected users in the United States to apply for Apple Pay Later loans of between $50 to $1,000. The APY for Apple’s new Savings account is set at 4.15%. Apple first previewed this feature in October 2022, stating it would debut “in the coming months.” The company also released a support document with further details regarding the feature.

Apple Card cashback rewards have remained the same since Apple’s credit card launched in 2019, with 3% Daily Cash on all purchases made at Apple Stores, on the Apple website, and with select partners, including Uber, Uber Eats, Walgreens, and T-Mobile. Apple Card users also earn 2% Daily Cash on all purchases made with Apple Pay and 1% Daily Cash on all purchases made with their physical Apple Card.