Apple has partnered with Goldman Sachs to launch a new savings account feature for its Apple Card credit cardholders.
Apple Card users will be able to grow their rewards in Apple Wallet by automatically depositing their Daily Cash into a new high-yield savings account from Goldman Sachs.
In the coming months, Apple Card users will be able to open the new high-yield Savings account and have their Daily Cash automatically deposited into it with no fees, no minimum deposits, and no minimum balance requirements, said the company.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
“Savings delivers even more value to users’ favourite Apple Card benefit — Daily Cash — while offering 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 Savings directly in their Apple Card in Wallet. Once users set up their savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet.
Users can change their Daily Cash destination at any time, said the company. Apple Card users get 3 per cent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants.
Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases. There is no limit to the amount of Daily Cash users can receive.
The new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers.
Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.