Starting Monday, Apple Card users can choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15% — a rate that’s more than 10 times the U.S. national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.
Nick Turner for Bloomberg News:
The account has no fees, minimum deposit or balance requirements and can be set up from within the Wallet app.
Apple announced the product in October, part of a series of new financial offerings. The idea is to generate more revenue from services, which have already surged in recent years, and provide yet another way to lock consumers into the Apple platform.
MacDailyNews Take: Locked in, very, very happily! Our saving accounts are now active and earning 4.15% APY!
How to set up Savings:
1. On your iPhone, open the Wallet app and tap Apple Card.
2. Tap the More button the more button, then tap Daily Cash.
3. Tap Set Up next to Savings, then follow the onscreen instructions.
More info about how to set up and use Savings in Apple Wallet here.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
At 1% cash back for some Apple Card purchases, it’s better to use a higher cash back credit card, like a 2% or more cash back card. Also, be aware of the interest for IRS taxes next year.