Apple has launched a high-yielding Savings account exclusively for Apple Card holders. Apple announced in a blog post on Monday that Card holders can increase their Daily Cash rewards if they deposit them into the new Goldman Sachs Savings Account, which offers a 4.15 percent annual percentage yield.
Apple did not offer a way to increase Daily Cash, which is the cashback reward users receive when they use their Apple Card. Now users can deposit their money into a savings accounts that does not require a minimum deposit or balance. The Apple Card can be set up in the Wallet app and Daily Cash will then automatically deposit into the user’s savings account.
Apple states that users can change the destination of their savings account at any time. They can also add money to their account by linking a bank account, or using their Apple Cash balance. Users can withdraw money from their Savings account at any time using the dashboard in Wallet.
Apple Pay’s Vice President of Apple Wallet and Apple Pay, Jennifer Bailey, said in a press release that the company’s goal was to create tools to help users live healthier financial lives. Savings in Apple Card in Wallet allows them to send, spend and save Daily cash directly from Wallet.
Apple first announced the savings account on October last year. Since then, it has been working hard to bring this feature and its long-awaited service of buy now, pay Later into reality. launched Pay Later in March . It allows users to pay for their Apple Card purchases over a period of six weeks in four equal payments with no fees or interest. Apple Financing LLC , Apple’s newly-formed financial division, handles the financial aspect of Pay Later.