Apple has announced a new savings account for Apple Card users partnering up with Goldman Sachs. The high-yield savings account will allow Apple Card users to get their Daily Cash deposited directly with no fees, minimum deposits, and minimum balance requirements.
Apple first launched the Apple Card back in 2019. With Apple Card, users get three percent Daily Cash on Apple Card purchases using Apple Pay with Apple, Uber Eats, Walgreens, Nike, T-Mobile, Ace Hardware, and more. The card also provides two percent Daily Cash when users use Apple Pay with other merchants, and one percent on all other purchases. It also has no upper limit to the amount of Daily Cash.
Users can set up and manage their savings account directly in the Wallet app. Once the savings account is set up, all Daily Cash will automatically be deposited into it. Users can decide whether they want the cashback in their Apple Cash card in Wallet as well.
The savings account is just like any other, where users can deposit additional funds through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time with no additional fees. The Wallet app will also contain a dashboard view which will show their account balance and interest accrued over time.
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