Apple has started rolling out a new Savings Account feature for the Apple Card users that will let them grow their rewards in Apple Wallet by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs.
Apple says that this offers a high-yield APY of 4.15% — a rate that’s more than 10 times the national average. It doesn’t charge any fees, there is no restriction on minimum deposits, and there are no minimum balance requirements, said Apple.
Users can easily set up and manage their Savings account directly from Apple Card in Wallet
- Open the Wallet app on the iPhone and tap Apple Card.
- Tap the More button, then tap Daily Cash.
- Tap Set Up next to Savings, then follow the onscreen instructions.
When opening Savings, you’ll be asked if you want to transfer funds from your Apple Cash balance to your new account to start earning interest on that money.
The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn.
The new Apple Card Savings account is currently available for the US customers, and is provided by Goldman Sachs Bank.