Apple Card to Offer Savings Account for Daily Cash
Apple today announced that Apple Card users will be able to open a new "high-yield" savings account from Goldman Sachs and have their Daily Cash automatically deposited into it, with no fees, no minimum deposits, and no minimum balance requirements.
Apple says the savings account option will be available "in the coming months," but it did not reveal what the interest rate will be for Daily Cash balances. Goldman Sachs' existing online high-yield savings account Marcus currently has a 2.15% APR.
As with all Apple Card features, users will be able to manage the savings account through the Wallet app. Once the account is set up, all Daily Cash received from that point on will be automatically deposited into it, unless a user opts to continue having it added to their Apple Cash card. Users can change where their Daily Cash is sent at any time.
Apple Card offers 2% Daily Cash on any purchase made with Apple Pay, and 3% Daily Cash on purchases made with Apple Pay at select retailers, including Apple, Uber, Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware. Apple Card users who take advantage of the savings account option would be able to earn interest on their Daily Cash automatically, allowing the amount to grow over time.
Users will be able to deposit additional funds into the savings account through a linked bank account, or from their Apple Cash balance. Likewise, users will be able to withdraw funds from the savings account at any time, with no fees.
"Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future," said Apple Pay chief Jennifer Bailey. "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."
Launched in 2019, the Apple Card remains exclusive to the United States. Apple's credit card can be managed completely through the Wallet app on the iPhone, with a physical version available for use at stores that do not accept contactless payments. Daily Cash is limited to 1% for purchases made with the physical Apple Card.