Apple Card Savings Account Now Live
Apple Card users can now put credit card rewards into a high-yield account. Apple and Goldman Sachs today launched the previously announced savings account.
The savings account offers an annual percentage yield of 4.15%, which Apple says is 10 times the national average, citing company data. The yield comes in slightly higher than a savings account with Marcus by Goldman Sachs. But it doesn’t crack the top 10 of savings accounts offering the current highest rates.
“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,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “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.”
Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. Users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time. They can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.
The new Savings account from Goldman Sachs builds upon the financial health benefits that Apple Card already offers, such as Daily Cash on every purchase, and tools that encourage users to pay less Apple Card interest, on top of the privacy and security users expect from Apple.
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