Apple has teamed up with Goldman Sachs to offer a new way for Apple Card users to grow their Daily Cash rewards through a high-yield savings accounts.
The accounts offer users an industry-leading 4.15% annual percentage yield on their balance, with no fees, no minimum deposits, and no minimum balance requirements, the company announced Monday.
“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”
Apple introduces 'pay later' service with no interest or fees
In what is being called Apple's venture into financial services, the company is offering to allow consumers to split up purchases into payments.
Once users set up a savings account, all of their future Daily Cash — which is similar to cash back on every purchase — will be automatically deposited into the account. Apple's 4.15% interest rate is also more than 10 times the current national average, meaning the money will grow much faster than it would in a traditional savings account.
To build the money even further, users can deposit additional funds into their savings account through a linked bank account, or from their Apple Cash balance.
Users can set up an account through the Wallet app on their iPhone. Once the account is opened, it's as simple as: Spend with the Apple Card, earn money back on daily purchases, invest that money in the Apple-Goldman Sachs savings account, and watch the balance grow.
The account is also fully integrated into the Apple Wallet app, making it easy for users to track their progress and transfer funds between their Apple Card and savings account.
