Apple has just launched a savings account for users of Apple Card in the US. The new feature works in partnership with Goldman Sachs, and offers a surprisingly high APY of 4.15% with no fees and no minimum requirements.
This is something Apple Card users have been waiting for since its original launch back in 2019, and the high-yield rates will be sure to please customers who already make the most of Daily Cash to get cashback on purchases made with Apple Card. Daily Cash provides 3% rewards on Apple purchases, and 1-2% on other purchases, and all that can now be configured to deposit directly into the new savings account.
“Savings helps our 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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “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.”
Once configured, users will see a new Savings dashboard in the Wallet app, making it simple to track balance and interest over time. As well as auto-deposits from Daily Cash, it’s possible to make deposits and withdraw from the Savings account from a linked bank account.