Almost $1 billion deposited to Apple Card Savings accounts by users four days after launch

Apple launched its new Apple Card high-yield Savings account feature last week, which automatically deposits Daily Cash into it — with no fees, no minimum deposits, and no minimum balance requirements, offering a savings account to all Apple Card users.

In the four days following the service’s launch, a report from Forbes claims that users have now deposited almost $1 billion through the Apple Card Savings feature.

Offering more than 10 times the national average, the Apple Card Savings account offers a high-yield APY of 4.15 percent, allowing users to manage their Savings account directly from Apple Card in the Wallet app.

Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn.

Daily Cash is Apple’s name for cash-back earned from purchases made using the Apple Card. When users buy something with Apple Card, they get a percentage of their purchase back in Daily Cash. There’s no limit to how much Daily Cash a user can get, and it automatically goes into their Apple Cash account, so it can be used just like cash.

Apple Card is only available in the US. Users can make purchases using their Apple Card with Apple Pay on their iPhone, iPad, Apple Watch, and Mac, or with the optional titanium Apple Card bank card, which features no printed card number or security code, making it the world’s most secure credit card.

Each Apple Card Savings account user can deposit a maximum of $250,000 each.