Apple has announced a new savings account for its Apple Card users, allowing users to automatically save their daily cashback returns in a Goldman Sachs high-yield savings account.
Apple Card users will be able to open a high-yield savings account in the coming months, with no requirements for a minimum deposit, fees, or balance. They will also be able to spend and send their cash back earnings directly from their mobile wallet, Apple announced Thursday.
“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.”
To maximize returns, users can deposit additional funds into their savings account through a linked bank account or transfer funds from their Apple Cash balance. Funds can also be transferred from the savings account to any linked bank account or Apple Cash card without a fee.
All transaction details, balances, and accrued interests will be accessible through an easy-to-use dashboard.
Apple Card currently offers 3% daily cash back on purchases made using Apple Pay with popular merchants such as Uber, Walgreens, Panera Bread, Nike, T-Mobile, and ExxonMobil. In addition, users get 2% cash back when making purchases with Apple Pay at other partnering merchants and 1% cash back on all other purchases.