Apple has recently announced the launch of its new high-yield savings account exclusively for Apple Card users.
This savings account, managed by Goldman Sachs, offers an impressive 4.15% annual percentage yield (APY) and provides an opportunity for Apple Card users to grow their Daily Cash rewards.
Previously, Apple Card users had no way to increase their Daily Cash rewards. But with the new savings account, users can easily deposit their Daily Cash rewards, with no minimum deposits or balance requirements. Users can set up the account through their Wallet app and enjoy automatic deposit of their Daily Cash into their savings account.
What’s more, users have the flexibility to change their deposit destination anytime and can add their own funds to the savings account from their linked bank account or Apple Cash balance. Plus, they can withdraw funds anytime by accessing the savings account dashboard in their Wallet app.
“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
Apple first announced the savings account in October 2022 and has been working to bring this feature to life, along with its highly anticipated buy now, pay later service. The Pay Later service was finally launched in March 2023, allowing users to pay back their Apple Card purchases in four equal payments over six weeks without any interest or fees. However, unlike the savings account, Apple handles the financial side of Pay Later through its newly formed financial division, Apple Financing LLC.
With the launch of this new savings account, Apple Card users can now maximize their Daily Cash rewards and take control of their finances with ease.
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