Apple just announced a savings account for Apple Card

Apple has tweaked Apple Card with a feature that lets users automatically stash their Daily Cash rewards into a new high-yield Savings account from Goldman Sachs. They will also be able to add money to that savings account.

The company promises the savings tool will appear “in the coming months”, and promises there will be no fees, no minimum deposits, and no minimum balance requirements to use the account.

What Apple said

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

How it works

The savings feature seems fairly standard:

• You set the Savings feature up directly from within the Apple Card in Wallet.
• Once you’ve set the feature up you remain in control. You can choose to have all your Daily Cash directed into the account, or choose to have it poured back into Wallet to spend elsewhere.
• It is also possible to deposit additional funds into the Savings account from a linked bank account, or from their Apple Cash balance.
• Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees.
• Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.

Apple gives Apple Card users 3% Daily Cash on Apple Card purchases made using Apple Pay at some merchants, 2% on other merchants and 1% on other purchases. There is no ceiling amount to Daily Cash.

What don’t we know?

Apple hasn’t yet announced what the yield on the account will be.

Also read: Apple Card is best U.S. credit card, says JD Power

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