After soft releasing Apple Pay Later, Apple has announced the availability of the Apple Card Savings account. This is another financial feature the Cupertino firm is bringing to Apple Card owners in the US.
Starting today, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers an APY of 4.15 percent. It comes 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.
“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.”
Apple says that 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.
The Apple Card Savings account requires, of course, an Apple Card, and an iPhone running at least iOS 16.4.
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