Apple
Card users can choose to grow their Daily Cash rewards with a Savings account
from Goldman Sachs, which offers a high-yield APY of 4.5 percent, a rate that’s
more than 10 times the national average.
With
no fees, no minimum deposits, and no minimum balance requirements, users can
easily set up and manage their Savings account directly from Apple Card in
Wallet.
Apple’s
vice president of Apple Pay and Apple Wallet Jennifer Bailey noted that savings
will help users get even more value out of their favorite Apple Card benefit ‘Daily
Cash’ while providing them with an easy way to save money every day.
“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,” she said
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. To build on their savings even further, users can deposit additional
funds into their Savings account through a linked bank account, or from their
Apple Cash balance.
Users
will also have access to an easy-to-use Savings dashboard in Wallet, where they
can conveniently track their account balance and interest earned over time.
Users can also withdraw funds at any time through the Savings dashboard by
transferring them to a linked bank account or to their Apple Cash card, with no
fees.4
The new Savings account from Goldman Sachs
builds upon the financial health benefits that Apple Card already offers, with
absolutely no fees, Daily Cash on every purchase, and tools that
encourage users to pay less Apple Card interest — all, while offering privacy and security users expect from Apple.
