Apple has announced that it is now offering Apple Card holders a 4.15% high-yield savings account through Goldman Sachs. Users can choose to grow their Daily Cash rewards by having it automatically deposited into the high-yield Savings account. The Apple Savings account through Goldman Sachs is also FDIC insured.
The 4.15% being offered by Apple is still more than 10 times the national average. And with no fees, no minimum deposits, and no minimum balance requirements, Apple users can easily set up and manage their Savings account directly from Apple Card in the Wallet app.
Once the Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. And the Daily Cash destination can be changed at any time and there is no limit on how much Daily Cash users can earn. Plus users are able to deposit additional funds into their Savings account through a linked bank account or from their Apple Cash balance.
From the Wallet app, users will also have access to an intuitive Savings dashboard where they can track the account balance and interest earned over time. And users can also withdraw funds at any time through the Savings dashboard by transferring them to the linked bank account or to their Apple Cash card with no fees.
Apple first introduced the Apple Card in August 2019 and users can apply for the Apple Card within the Wallet app by tapping on the Add button and then selecting Apple Card. To be eligible to apply for Apple Card, you have to be 18 years old or older depending on where you live. And you must be a U.S. citizen or a lawful resident with a valid, physical U.S. address (not a P.O. Box.) or you can also use a military address. If there is a freeze on your credit report, then you would have to temporarily lift the freeze to apply for Apple Card. Certain users might have to verify their identity with a Driver License or State-issued photo ID.
KEY QUOTE:
“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. Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”
– Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet
