Apple Card Savings launches, but only in the US
Offers a 4.15% interest rate on deposits
The Apple rumor machine once again proves correct as weekend claims the service launch was imminent become reality: Apple has introduced Apple Card Savings to customers in the US.
Save in a digital reality
Announced last year but not made available until April 2023, the new savings service is only being made available to Apple Card users in the US.
They are being offered a high-yield APY of 4.15 percent on the money they save, a rate that’s more than ten times US savings rates right now.
Apple is offering the service as a fee free service with no minimum balance and no minimum deposit restrictions. The idea is that you can set yourself up to save those Daily Cash rewards from within Apple Card in Wallet. Savings accounts are provided by Goldman Sachs Bank US.
What Apple said
“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”
How it works
Once the service is set up all future Daily Cash acquired when using Apple Card is automatically deposited into the account.
- The Daily Cash destination can also be changed at any time.
- There is no limit on how much Daily Cash users can earn.
- It is also possible to deposit additional funds into the account.
- Money can also be withdrawn, either to Apple Cash or to a linked bank account, no fees for this.
[Also read: How to export Apple Card transactions to CSV, OFX, QFX, QBO and PDF]
How to use Apple Card Savings
The service exists inside the Savings dashboard in Wallet. There it will be possible to track the account balance and top up interest earned over that time.
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