If you’re a US Apple Card holder, you can now increase your Daily Cash with Apple’s newly launched savings account. In collaboration with Goldman Sachs, this service provides a high annual interest rate of 4.15% APY, which is ten times greater than the national average. The savings account is fee-free, and no minimum deposit is required to earn the annual yield.
With Apple Card, daily cash is returned at a rate of 3% for shopping from Apple, 2% for shopping using Apple Pay, and 1% for other shopping. Moreover, if you shop using Apple Pay at selected stores and retail outlets, you can receive 3% daily cashback. The earned Daily Cash can now be automatically deposited into a high-yield savings account in the Wallet app.
Apple Card users can deposit Daily Cash directly into their savings accounts or top up their accounts using a linked bank account or Apple Cash balance. Jennifer Bailey, the Vice President of Apple Pay and Apple Wallet at Apple, stated, “Savings gives users an easy way to add value to their favourite Apple Card benefit, Daily Cash, and save money every day. By incorporating Savings into the Apple Card in Wallet, users can earn Daily Cash directly, which can be used, sent and stored seamlessly, all from one place.”
The balance of the high-yield savings account can be checked directly in the Wallet app. The Apple Card interface will have a new “Savings Account” button, which shows a list of transactions and a chart displaying the account’s growth.
Your Apple Cash balance may be used to make Apple Pay payments, pay off credit card bills, or send money to friends and family. The savings account is free, but there is a $250,000 maximum amount limit.
The Apple Card’s new savings account offers a lucrative option for US Apple Card holders to earn high interest on their savings. This service is worth considering for individuals who wish to manage their funds properly because of the ease of having everything in one place.