Apple is launching a new high-interest savings account for Apple Card users. In a post shared on MondayApple says Card users can build on their Daily Cash rewards by depositing them into the company’s new Goldman Sachs savings account, which comes with an annualized rate of return (APY) of 4.15.
Apple previously offered no way for users to grow their Daily Cash, the cash back rewards users get when using their Apple Card. But now users can put their money in a savings account, with no minimum deposits and no minimum balance requirements. Users can set up the account through the Apple Card in their Wallet app and from there, Daily Cash will be automatically deposited into their savings account.
However, Apple says users can change this destination at any time and even put some of their own money into the savings account through a linked bank account or from their Apple Cash balance. Users can also withdraw funds at any time by visiting the savings account dashboard in Wallet.
“Our goal is to build tools that help users lead healthier financial lives, and by building Apple Card savings into Wallet, they can instantly and seamlessly spend, send and save Daily Cash – all from one place,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said in a statement.
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