Apple has announced Apple Card users will soon be able to grow their rewards in the Wallet by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs.
According to Apple’s press release, in the coming months, Apple Card users will be able to open this new high-yield Savings account and have their Daily Cash automatically deposited into it.
The company says there are no fees, no minimum deposits, and no minimum balance requirements. With that, users will be able to 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.”
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.
Apple even says users can also deposit additional funds into their Saving account through a linked bank account, or from their Apple Cash balance. The company explains:
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, Apple 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.
Apple Card users being able to set up a new Saving account comes at a time the company is expanding its financial offerings with Apple Pay Later – set to release in the future – while also giving users 3% Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants.
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