As of this week, Apple Card users can now choose to grow their Daily Cash rewards with a high-yield Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent — a rate that’s more than 10 times the 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.
Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
Travis Hoium for The Motley Fool:
Apple has announced that it is growing the tools in the Wallet app with a savings account. That’s a big win for savers but could make Apple’s products even stickier… This is a great move for Apple and its shareholders.
MacDailyNews Note: Here’s how Apple Card users can easily set up a Savings account from Goldman Sachs:
- On your iPhone, open the Wallet app and tap Apple Card.
- Tap the More button the more button, then tap Daily Cash.
- 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.
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I could leave my money in BofA Savings Account, returning .04%…
or
I could easily setup Apple Savings w/Goldman Sachs and receive 4.15%
Took me a day or so to mill over the pros and cons, to which very few if any cons. 4.11% more pros! And having it so easy to move between Goldman/Apple’s Savings Account and right back into my Checking at BofA should I want to do so, it was easy to set up execute and utilize.
Now, let’s see if this is nothing more than a “hook” interest rate, like so many have used over the past few years, only to watch people bolt, or if Apple can work with Goldman Sachs to sustain this 4%+ level…
I already have a rate of 4.3% at my current bank but enabled this account anyway because it automatically puts my daily
cash in there and I don’t have to think about it.
As I see it Apple is one, well maybe 1.5 steps away from a complete digital wallet. All that’s needed in the future is the ability to direct deposit wages. Then all purchases can be made by Apple Pay/Card and paid off via Apple Savings account. A separate checking account is only needed if writing checks and I see a check less future. Personally I haven’t written a check or had a check book in half a decade. And that is the half step; bridging the last few financial transactions made by check into digital transactions.