How to set up Apple’s new savings account on an iPhone

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 their savings account to their Apple Cash account in case they want to spend it or send it to a friend.

Users can put additional money into the savings account and gain the current 4.15% annual yield, compounding daily. The yield will shift over time as interest rates change.

The Apple Savings account can hold up to $250,000 in deposits, which are insured by the FDIC. The feature is now available inside Apple’s Wallet app for all Apple Card holders in the U.S.

Here’s what you need to know: