back Back

Apple announces savings account for Apple Card users

By Edlyn Cardoza

October 17, 2022

  • Apple
  • Apple Card
  • Apple Cash Balance
Share

Apple, Goldman Sachs, Savings Account, Apple Card, Daily Cash, Apple Cash Balance, Apple Pay, iPhone, USAApple 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.

Previous Article

October 17, 2022

GSS joins Codebase Technologies Channel Partner Network

Read More
Next Article

October 17, 2022

Sohar Islamic announces free remittance through mobile banking app

Read More








IBSi Daily News Analysis

Cybersecurity, financial services

May 17, 2024

Apple

Most of KSA organizations uses AI in their cybersecurity strategies, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 17, 2024

Confida and illimity create new capillary proximity network, Pehi

Read More

May 17, 2024

dLocal expands partnership with Deel to 12 new countries

Read More

May 17, 2024

Dwolla & Visa to enhance Pay by Bank experience for businesses

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023