Apple has announced a new feature that allows Apple Card users to save money and increase their Daily Cash rewards with a new high-yield savings account. Developed in partnership with Goldman Sachs, Apple Card Savings offers a 4.15% APY (annual percentage yield), which, according to Apple, is more than ten times higher than the national average. In addition, there are no minimum deposits or balance requirement to get started.
Once you set it up, Apple will automatically transfer Daily Cash rewards to your new savings account. Daily Cash is a percentage of your purchase you get back whenever you buy something with an Apple Card (i.e., cashback). Also, you can deposit additional finances from a connected bank account or Apple Cash to the savings account to further build on your savings. According to Apple, the latest addition will help Apple Card users develop healthier financial lives and "spend, send, and save Daily Cash directly and seamlessly from one place."
The updated Apple Card interface lets you track your savings progress and balance to see the interest earned over time. You can store money in the savings account or withdraw them to a bank account or Apple Card with no extra fees.
You can learn more about Apple Card Savings in a post on the official Apple website. On a side note, Apple Card and its related services are only available to qualifying applicants in the United States.
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