Thursday, Apple announced a new Savings account for Apple Card that will let users save “Daily Cash” in high-yield savings account from Goldman Sachs. The new Savings account is for cashback rewards earned by using the Apple Credit card, but users can also deposit from a linked bank account.
The features will roll out in the coming months, the firm said, enabling users to spend send and save from the wallet. The account will have no fees, minimum deposits, or and no minimum balance requirements. Jennifer Bailey, VP of Apple Pay and Apple Wallet said it was an update to a user favorite feature.
“Savings enables Apple Card users to grow their Daily Cash rewards over time while also saving for the future,” Bailey said. “It delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Savings and Deposits
Apple Card users can easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all cashback rewards are automatically deposited. Users may also continue to have it added to their Apple Cash debit card in the Wallet. In addition, users can change their Daily Cash destination at any time.
Users can also withdraw funds at any time by transferring them to a linked bank account or Apple Cash card, with no fees. Once set up, the firm said card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued.
Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases.
There is no limit to the amount of Daily Cash users can receive.
The firm said that the new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers. Built into Wallet on iPhone, Apple said their card had transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.
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