Apple Card users will be able to increase their rewards in Apple Wallet by automatically depositing their “Daily Cash” into a new high-yield savings account from Goldman Sachs. It is a question of setting aside the money recovered in cash back when shopping at Apple and its partners.
Savings accounts with Apple sauce
Apple today announced a new Apple Card Savings Account that will allow users to save their everyday cash and grow their rewards in a Goldman Sachs High Yield Savings Account. In the coming months, Apple Card users will be able to open the new High Yield Savings Account and have their daily money automatically deposited into it, with no fees, no minimum deposits and no minimum balance required. Soon users will be able to spend, send and save their daily money directly from Wallet.
Jennifer Bailey, Apple’s Vice President for Apple Pay and Apple Wallet, said:
Savings allows Apple Card users to grow their Daily Cash rewards over time, while saving for the future. The Savings Account brings even more value to Apple Card users’ favorite benefit – Daily Cash – while providing another easy-to-use tool designed to help users lead healthier financial lives.
Apple Card users will be able to easily set up and manage this new account directly in their Apple Card in the Wallet app (Cartes en France). Once users create their savings account, all monies received will automatically be deposited into that account, or they can choose to continue adding them to an Apple Cash card in the wallet. Users can change the destination of their daily cash at any time.
Like any savings account, customers will also be able to deposit additional funds through a linked bank account or from their Apple Cash balance. They can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, free of charge. Once an account is created, Apple Card users can see their rewards grow in Wallet with an easy-to-use savings dashboard that shows their account balance and accrued interest over time.
Apple Card users receive 3% cash back on purchases made with Apple Pay at Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, plus 2% when using Apple Pay at other merchants , and 1% on all other purchases. There is no limit to the amount of Daily Cash users can receive.
Good news, but only for American customers, the Apple Card is still not available outside the territory. Tim Cook had mentioned France three years ago, but no news since.