The money Apple Card users get as a cash-back reward can go automatically into a savings account from Goldman Sachs, the same bank that backs the credit card.
The money saved will earn interest over time.
Apple Card Savings account lets Daily Cash earn interest
Users of Apple’s credit card get a percentage of every purchase back. It’s called Daily Cash and is added to the customer’s Apple Cash each day. It’s usually 1% or 2% of purchases.
Apparently, people are letting the money build up, and Apple and Goldman Sachs are letting them earn interest on it by giving the option to put Daily Cash straight into a savings account.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s VP 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.”
Apple did not reveal an important detail about the new savings account: the interest rate. It only described it as “a high-yield Savings account from Goldman Sachs.”
Apple Card holders can set up and maintain Savings through Apple’s Wallet app on an iPhone. All future Daily Cash received will be automatically deposited into the account. And additional funds can be added from their Apple Cash balance or a linked bank account.
Apple promises that users can withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card. There are no fees for these transfers.
To be clear, this is an optional service. Users can choose to instead continue to have Daily Cash added to an Apple Cash card in Wallet.
Another detail not reveled on Thursday is when the Savings account will become available.