On Monday, Apple, in partnership with Goldman Sachs,

announced a new high-yield savings account for Apple Card users. You may be wondering what this all means.

Simply put, you can now place your Daily Cash rewards — Apple’s name for the small cashback amounts you get for using Apple Card — into a savings account with an annual percentage yield (APY) of 4.15%.

That’s a significantly higher rate than the one you’ll get for keeping money in a regular savings account in a traditional bank. As a point of comparison, Bank of America gives you a measly 0.01% APY. Be warned, though: Apple said its APY can change at any time.

More significantly, Apple will also let you add money to this high-yield savings account directly from your existing bank account, which means you can just dump thousands of dollars in there (up to $250,000) and see some serious returns.…