Apple today announced a new Savings account for Apple Card that will allow users to save their Daily Cash and grow their rewards in a 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. Soon, users can spend, send, and save Daily Cash directly from Wallet.
“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, in a statement. “Savings delivers even more value to users’ favorite 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.
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.
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.
MacDailyNews Take: This new high-yield Savings account is excellent and logical addition to Apple Card’s features and perks!
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Okay, I’ve been an Apple Card user for 3 years now; so what is the interest rate on this “high-yield Savings account”?
According to AppleInsider, “Apple does not define exactly what high-yield means in financial terms, but currently Goldman Sachs savings accounts are at about 2%.”
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A lousy pittance!! High-yield indeed! What a joke.
Yield is always relative. When your average savings account gives closer to half a percent, anything 2% or above is definitely high-yield. Most other “high-yield” accounts currently give between 2 and 2.8%, but most of them require a minimum balance sometimes approaching $5k and some charge fees for balance transfers (check nerdwallet.com for comparisons).
If you’re like me and old enough to remember 5.25% basic savings accounts, you probably also remember that home loans were 13% and credit cards charged 22% or more. Banks will get their cut of the spread, like it or not.
Problem is the credit cards are charging outlandish rates for money they are basically (or were…) getting for free.
Yes, I remember 5% savings accounts. The government used to WANT you to save. Now they just want to figure out a way to tax it (and this is NOT a new phenomenon).
Maybe 2% is a pittance now but hopefully as the Fed goes up so will the rates paid and then encourage savings rather than just fast money markets….