Apple Card to Add Savings Account Feature
Apple Card users will soon be able to open a high-yield savings account with the credit card.
Apple is partnering with investment bank Goldman Sachs to launch the savings account feature, so that Apple Card users can gain interest on their cash back savings, also known as Daily Cash.
“In the coming months, Apple Card users will be able to open the new high-yield Savings account and have their Daily Cash automatically deposited into it—with no fees, no minimum deposits, and no minimum balance requirements,” Apple said in Thursday’s announcement(Opens in a new window).
The Apple Card offers 3% cash back on purchases at Apple, as well as for select services, along with 2% on most other purchases. The credit card also works directly from an iPhone as a virtual credit card.
Apple didn't reveal a high-yield savings account rate; Apple didn't immediately respond to a request for comment. But the savings can go beyond cash back rewards. Importantly, users will be able to deposit additional funds to the savings account from a linked bank account or from an existing balance over Apple Cash, the company’s answer to Venmo.
In addition, the funds in the savings account can be withdrawn at any time, with no fees. “Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet,” Apple added. “Users can change their Daily Cash destination at any time.”
All the savings can also be easily monitored via the Apple Card in the Apple Wallet app.
Sign up for our Weekly Apple Brief for the latest news, reviews, tips, and more delivered right to your inbox.
This newsletter may contain advertising, deals, or
Read more on pcmag.com
