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Apple Card to Offer ‘High-Yield’ Daily Cash Savings Account

Apple Card to Offer ‘High-Yield’ Daily Cash Savings Account

Apple today announced that Apple Card users will be able to open a new “high-yield” savings account from Goldman Sachs. Users will be able to have their Daily Cash kickbacks automatically deposited into the account. There are no fees, no minimum deposits, and no minimum balance requirements.

The new savings account will be available “in the coming months.” Apple has not yet announced what the interest rate will be for the Daily Cash balances.

Users will be able to manage their savings accounts through the Wallet app on their iPhones. Once a savings account is set up, all Daily Cash received from then on will be automatically deposited in it, unless a user opts to add it to their Apple Cash card.

Users will also be able to deposit additional funds into the savings account via a linked bank account, or from their Apple Card balance. Users will also be able to withdraw funds from the savings account at any time, with no fees.

Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases. There is no limit to the amount of Daily Cash users can receive.

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Apple Pay chief Jennifer Bailey. “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.”

Launched in 2019, the Apple Card remains exclusive to the United States. Apple’s credit card can be managed completely through the Wallet app on the iPhone, with a physical version available for use at stores that do not accept contactless payments. Daily Cash is limited to 1% for purchases made with the physical Apple Card.