Apple Card users can now take advantage of a new high-yield Savings account from Goldman Sachs, featuring a competitive 4.15% annual percentage yield (APY). This rate is over ten times the national average, and the account comes with no fees, no minimum deposits, and no minimum balance requirements. Users can easily set up and manage their Savings account directly through the Wallet app on their iPhone.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said, “Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day.” Bailey added that their goal is to create tools that help users lead healthier financial lives and integrating Savings into Apple Card in Wallet allows users to spend, send, and save Daily Cash seamlessly.
With the new Savings account, users can grow their Daily Cash rewards by automatically depositing them into the high-yield account. They can also change their Daily Cash destination at any time and earn unlimited Daily Cash. Additionally, users can deposit extra funds into their Savings account from a linked bank account or their Apple Cash balance.
The Wallet app also features a Savings dashboard, making it easy for users to track their account balance and interest earned over time. They can withdraw funds at any time through the dashboard, transferring them to a linked bank account or their Apple Cash card without incurring fees.
This new Savings account further enhances the financial health benefits offered by Apple Card. Alongside the high-yield account, Apple Card provides users with Daily Cash on every purchase and tools to help them pay less Apple Card interest. As always, Apple remains committed to offering the privacy and security users expect from their products and services.
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