Apple Card users are getting a high-yield savings account too - MrLiambi's blog


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Thursday, 13 October 2022

Apple Card users are getting a high-yield savings account too

Apple has today announced a new addition to Apple Card that will let people put their Daily Cash into a high-yield Goldman Sachs Savings account.

The news means that anyone with an Apple Card will be able to save their Daily Cash and then increase those rewards by putting them into the accompanying Savings account, Apple said via press release.

Just like the Apple Card itself, the Savings account will be backed by Goldman Sachs, ensuring Apple isn't actually handling the money side of things. Instead, people get to benefit from its software and server-side features including Wallet app integration. Once up and running, all Daily Cash that a person receives will be automatically deposited into that Savings account if they so choose. Otherwise, they can have it turn into Apple Cash in the same Wallet app.

Like any other Savings account, Apple also says that people can add their own funds as well. Funds can be added via a linked bank account or using their Apple Cash balance.

Apple notes that its Apple Card customers get 3 per cent Daily Cash back on purchases made using Apple Pay at Apple and other merchants including Uber, Uber eats, Walgreens, and more. Apple has yet to confirm how much interest people can expect to earn, but a standard online Savings account via Goldman Sachs rakes in 2.15%, giving Apple Card customers a ballpark figure to work from.

Apple is yet to confirm when the new Savings account feature will go live, simply saying that it will happen "soon".

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