As of today, Apple Card users have the opportunity to boost their Daily Cash rewards by opening a Savings account with Goldman Sachs, which offers an attractive APY of 4.15 percent. This is over 10 times the national average and comes with no fees, minimum deposit, or minimum balance requirements. The process of creating and managing this Savings account is simple and can be done directly from Apple Card in Wallet.
How it works
According to Jennifer Bailey, Apple's VP of Apple Pay and Apple Wallet, the Savings account feature, called Savings, helps users maximize their benefits from Apple Card, specifically the Daily Cash, while also providing them with a straightforward way to save money daily. Apple's main objective is to provide users with tools that enable them to lead healthier financial lives. By integrating Savings into Apple Card in Wallet, users can easily spend, send, and save Daily Cash from a single location.
Once the Savings account is set up, all future Daily Cash rewards earned by the user will be deposited automatically into the account. Users have the option to change the destination of their Daily Cash at any time, and there are no restrictions on the amount of Daily Cash users can earn. Users can also add funds to their Savings account by linking their bank account or by transferring funds from their Apple Cash balance to increase their savings.
Benefits and features
The Savings account feature from Goldman Sachs enhances the existing financial benefits that Apple Card already offers. With no fees, users can earn Daily Cash rewards on every purchase and benefit from tools that encourage them to pay less interest on their Apple Card balance. Furthermore, users can enjoy the privacy and security expected from Apple while also tracking their account balance and earned interest over time with the user-friendly Savings dashboard in Wallet. Lastly, users can withdraw funds from the Savings account anytime without incurring fees by transferring them to their linked bank account or Apple Cash card.
You can create the savings account in the Wallet app later today, according to Apple.
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