With the new offering, American users can set up and manage a savings account directly from Apple Card in their dedicated Wallet
Apple has launched its long-awaited Apple Card savings account powered by Goldman Sachs, allowing users to grow their daily cash rewards with a 4.15% annual percentage yield.
The product, currently available for US customers, is an addition to the benefits Apple Card already offers, including zero fees, Daily Cash on all purchases, and money management tools.
One can access an intuitive Savings dashboard via Wallet. There Apple Card Savings account owners can conveniently track their account balance and interest amount. Besides, users can withdraw funds at any time through the same dashboard by transferring them to either a linked bank account or their Apple Cash card.
The popular Daily Cash feature is, basically, an unlimited cashback that can be redeemed to make payments or purchases. Now, users can also transfer the daily reward towards their Savings account to increase their earnings.
Once a Savings account is set up, all future Daily Cash will be automatically deposited there. At the same time, the Daily Cash destination can be changed at any time, e.g. sent to Apple Cash. Besides cashback transfers, users can deposit additional funds into their Savings account through a linked bank account, or via their Apple Cash balance.
The new account has no fees, no minimum deposits, and no minimum balance requirements. However, maximum balance limits do apply.
Savings option is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
The feature was first announced in October 2022, while Goldman Sachs has supported Apple on its credit card product since its launch in 2019.