Apple announces savings account for Apple Card users
By Edlyn Cardoza
Apple announced new savings account for Apple Card that will allow users to save their Daily Cash and grow their rewards in a high-yield Savings account from Goldman Sachs. In the coming months, Apple Card’s users will be able to open the new high-yield Savings account and have their Daily Cash automatically deposited into it — with no fees, no minimum deposits, and no minimum balance requirements. Soon, users can spend, send, and save Daily Cash directly from Wallet.
“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.”
The card users can easily set up and manage savings directly in their card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.
Users can deposit additional funds into their Savings account through a linked bank account or from their Apple Cash balance to expand their Savings even further. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, the card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.
The card users get 3% 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, and 2% Daily Cash when they use Apple Pay at other merchants, and 1% on all other purchases. There is no limit to the amount of Daily Cash users can receive.
The new savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that the card already offers. Built into Wallet on iPhone, the card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.
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