Earlier today, Apple announced in a press release that Apple Card users will now be able to have their daily cash rewards deposited into a high-yield savings account from Goldman Sachs.
Apple Card to Offer High-Yield Goldman Sachs Saving Account for Daily Cash
In a report today, Apple said that there will be no fees, minimum deposit or minimum balance requirements and Apple Card users will be able to track the balance of their savings account from within the Wallet app.
According to Apple,
“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”
Apart from depositing the Daily Cash into the savings account, there’s no limit on how much Daily Cash a user can withdraw, and users will also be able to transfer the funds into a secondary bank account or to their Apple Cash card without any additional fees.
Apple Card users will also be able to link a second bank account or use the Apple Cash balance and have money deposited into the new account and increase their savings.
“To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.”
Once this feature goes live, users will find a Savings Account button in the Wallet app which will unveil a list of transactions including a chart showing the growth of your savings account.
While Apple has still not announced when this feature will be made available, they have simply said that it will launch “Soon”.