Apple Card users will soon be able to open a new high-yield savings account from Goldman Sachs. What does this mean for cardholders? The answer is that cardholders will have the option to grow their earned Daily Cash rewards. Users can spend, send, and save their earned Daily Cash straight from their iPhone wallets.
Apple Card Announces High-Yield Savings
With the new high-yield savings account, Apple Card users have yet another added benefit. The Apple Card already offers users a variety of benefits, such as the potential to earn up to 3% Daily Cash back on their purchases. Cardholders can earn cash back in many ways, including shopping at Apple or with select merchants, using an iPhone or Apple Watch to pay with Apple Card, and more.
In addition to the reward-earning power behind the Apple Card, in the coming months, users will have the option to open high-yield savings account from Goldman Sachs. The savings account features no fees, no minimum deposits, and no minimum balance requirements. Which makes the new savings account as painless as possible for Apple Card users. Not to mention the account is easily managed directly from the users’ Apple wallets on their iPhones.
“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.” Press Release.
Images by Apple
How Apple High-Yield Savings Account Works
Apple Card users get to set up their high-yield savings account via their Apple Card in wallet. Once the account is set up, cardholders can choose to get their Daily Cash deposited directly into their new savings account. However, the user can choose to send their Daily Cash elsewhere. Aside from depositing their rewards into the high-yield savings account, users can continue to have their rewards deposited to their Apple Cash Card in wallet. Users can also conveniently change the destination of their rewards at any time.
The Apple Card high-yield savings account is not limited to funds from earned Daily Cash rewards. The flexible savings account allows users to deposit funds from external bank accounts or their Apple Cash balance. Users will manage the savings account from their savings dashboard in Wallet, so they can effortlessly view the account balance and interest accrued over time.
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