Apple today announced a lucrative new Savings account for Apple Card owners. The new account will allow users to save their Daily Cash, among other benefits, and grow their rewards in a “high-yield” Savings account from Goldman Sachs.
Apple Card Savings to be rolled out in the coming months
In a press release, the tech giant said that once the new Savings account is launched, Apple Card users will be able to have their “Daily Cash automatically deposited into it.” The best part about this new account is that there will be no hidden fees, no minimum deposits, and no minimum balance requirements.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Savings 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.”
When launched, users will be able to set up and manage their Savings account within the Wallet app on iOS. Once the account is set up, all future Daily Cash automatically be deposited into it, or users can choose to have it added to an Apple Cash card in Wallet. This setting can be changed at any time.
Daily Cash can be earned from purchases made using Apple Pay and select merchants. Users can get up to 3% Daily Cash with select merchants.
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.
In its press release, Apple also revealed that users will be able to deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. These funds can be withdrawn at any time by transferring them to a bank account or Apple Cash Card. There will not be a fee required for the transaction.
Apple Card Savings is going to be rolled out in the “coming months.”