Apple is introducing a new Savings account feature for Apple Card users, which will give them a new home for their Daily Cash earned from purchases made with the card. The high-yield account, provided by Goldman Sachs, will let you deposit your Daily Cash automatically with no fees, minimum deposits, or minimum balance requirements.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, 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.”
The feature will roll out in the coming months, and it looks like it’ll be optional since you’ll have to manually set up the account yourself. Once it’s set up, your Daily Cash earnings will be automatically deposited into it, but you can always change it back to being stored on your Apple Cash card if you want. Apple will also give you the option to deposit cash from a connected bank account so you can use it as a proper, alternative savings account if you wish.
The new savings account is yet another signal that Apple – for a lack of better words – wants to be in every single sector of your life. It also further locks you into its ecosystem, as the primary way you’ll be accessing this account is through your iPhone. I assume you’ll also be able to manage the account from your web browser like you can your Apple Card, but Apple didn’t specify that in its press release.
The Apple Card is currently only available in the United States. It offers three percent Daily Cash back on certain purchases, two percent back on others, and one percent back on everything back. It’s one of the few fee-less credit cards on the market, and it prioritizes your security with a number-less physical card and card details locked behind Face ID on your phone.