Apple Card users will soon be able to boost their Daily Cash earnings and save for future expenses simultaneously.
In a recent development, Apple has announced the launch of a new high-yield savings account for Apple Card users. This savings account, provided by Goldman Sachs Bank USA, Salt Lake City Branch, offers an easy and convenient way for Apple Card holders to save their Daily Cash rewards.
The new savings account is available to Apple Card Owners and Co-Owners, subject to eligibility requirements. There are no fees, no minimum deposits, and no minimum balance requirements associated with this account. Users can deposit their Daily Cash directly into the savings account, with no limit to the amount they can receive.
Apple Card users can earn different rates of Daily Cash based on their creditworthiness. As of October 1, 2022, the variable APRs for the Apple Card range from 13.99 percent to 24.99 percent. However, the savings account itself has no interest rate, as it is designed to accumulate savings rather than accrue interest.
Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, stated that Savings delivers more value to users' favourite Apple Card benefit - Daily Cash. Users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard. They can also spend, send, and save Daily Cash directly from Wallet.
Users can withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. They can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
Apple Card users can earn 3% Daily Cash on purchases made with Apple Pay at specific merchants like Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware. They can earn 2% Daily Cash when using Apple Pay at other merchants, and 1% Daily Cash on all other purchases.
This new savings account is yet another addition to the suite of financial products offered by Apple in partnership with Goldman Sachs Bank, which also includes the Apple Card. With this move, Apple continues to redefine the financial services landscape, providing innovative and user-friendly solutions to its customers.
