Apple Card adds Savings account from Goldman Sachs offering 4.15% rate

Apple Card users can now use the Savings account to grow their Daily Cash rewards.

Apple
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Apple Card was released back in 2019 as a way for Apple product users as a credit card that could take full advantage of Apple Pay and its suite of features. In a new update, Apple and partner Goldman Sachs are expanding what users can do with the Apple Card. There is now a Savings account that can be used to reap extra Daily Cash rewards and a relatively high APY.

Apple announced its new Savings account for Apple Card users in a Newsroom post today. The new Savings Account is backed by Goldman Sachs and boasts a 4.15 percent APY, which the company states is “10 times” higher than the national average.

An Apple Card on a white background.

“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.”

Daily Cash will automatically be deposited in users’ accounts as earned. They can also opt to deposit money from a linked bank account or their Apple Card balance. The Wallet app also allows users to track the interest earned on their Savings account over time.

The new Savings accounts for Apple Card users are available in iOS 16.4. With such a large APY, it will be interesting to see how well the new feature performs with Apple Card users, and if it incentivizes more to sign up for one. For more on Apple and its family of products and services, stick with Shacknews.

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_

From The Chatty
  • reply
    April 17, 2023 9:40 AM

    Donovan Erskine posted a new article, Apple Card adds Savings account from Goldman Sachs offering 4.15% rate

    • reply
      April 17, 2023 8:17 AM

      Apple Savings Account

      So at 1pm eastern Apple is launching a savings account that yields 4.15%. You go to your Apple Card and click the ... in the upper right and click Daily Rewards and there will be an option to create it. It's held at Goldman Sachs Bank.

      You can fund it via bank transfers, $10k limit per transfer, $20k in rolling 7 day window, or mail them a check they will deposit. Max account size $250k.

      Solid option to easily park some $$ at a decent yield

    • reply
      April 17, 2023 10:22 AM

      I’m going to move most of my saving here. Rate is a bit higher which is nice. And this looks dead simple to use.

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        April 17, 2023 11:29 AM

        Yeah you can do better with work but this looks so turn key and easy

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          April 17, 2023 3:19 PM

          For sure. Great for an emergency fund you need to keep fairly liquid.

      • reply
        April 17, 2023 5:02 PM

        The Apple card is my daily, by far the easiest cash reward card. And now having it accrue directly to a savings account is pretty bomb.

    • reply
      April 17, 2023 10:43 AM

      [deleted]

    • reply
      April 17, 2023 2:11 PM

      Why do so many people use Apple Card’s? The benefits don’t seem that great compared to the prime visa and United cards that I use primarily

      • reply
        April 17, 2023 2:12 PM

        [deleted]

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          April 17, 2023 2:13 PM

          Yea, I get that but it still seems strange to carry another line of credit for infrequent purchases. Im probably missing something.

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            April 17, 2023 2:16 PM

            [deleted]

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            April 17, 2023 2:31 PM

            I mean I just checked and my score is 806 and I have like every card. I think it's not material

            • reply
              April 17, 2023 2:48 PM

              Thought the impact from additional inquiries + open accounts was more significant

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              April 17, 2023 3:24 PM

              Mines 813 and honestly the biggest ding is my credit usage being at 11% because I don’t have a lot of cards. If I had a few more I would always be under 10 and gain some points.

          • reply
            April 17, 2023 2:36 PM

            Aren't there only upsides to having more lines of credit (assuming you pay everything off and aren't paying fees on unused cards)?

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              April 17, 2023 2:42 PM

              Yep. Having lots of open lines of credit just makes it so when you use it the % use of your credit is much smaller which swings your credit rating around a lot less.

              If you have lots of infrequent use cards you just have the headache of managing them all and remembering to pay the ones off that you use infrequently. Plus whatever the risk of getting hacked on a random card is.

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              April 17, 2023 3:18 PM

              I have heard before that the concern can be that if you have a whole bunch of available credit, you could go out tomorrow and max all of them out and then not be able to pay anything else, which if I'm loaning you money for a car I might want to know about.

              However, I'm sure the reality is more nuanced than that.

            • reply
              April 17, 2023 4:52 PM

              [deleted]

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                April 17, 2023 5:15 PM

                I should've never paid off my BoA card for this exact reason. I had a 9.5% fixed APR that they'd been trying to change on me for a decade+ by offering some good promos that would also require me to change to a variable APR. I never took the bait and just kept paying down the card like normal, so pretty much right after I got it down to a zero balance they closed the account and it dropped me down to the high 600s for the first time since my 20s. I was able to get it back to the high 700s again eventually, but it was still a pain in the ass.

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            April 17, 2023 2:41 PM

            What does it matter? It is available credit for infrequent purchases that increase your credit score. What is there to get.

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            April 17, 2023 4:16 PM

            Define infrequent because I have between 5-10 transactions a month directly to Apple and at least one or two big ones every couple years.

            That 3% adds up pretty quickly and there are people way worse than me.

            If I hated Apple and refused to use their devices and services it would be a little less useful.

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          April 17, 2023 2:25 PM

          Same or accidentally when I use apple pay sometimes . great way to save 3%

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          April 17, 2023 2:52 PM

          Yeah, that's all I ever use mine for too.

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        April 17, 2023 3:21 PM

        I only really use it for Apple purchases. Nice for the 3% and 0% financing.

        Otherwise I use my AMEX for everything else.

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      April 17, 2023 3:02 PM

      me being an idiot, i've been using the same bank since my teenage years. my dad had opened an account for me at USBank. which like similar small community banks, only have up to 0.01% apy
      so i only i recently openened accounts with CIT and Sofi.
      after the SVB bungle, i'm gonna make sure i stay way under the FDIC insured cap.

      forewarning for people looking at CIT Bank, their website and mobile apps are horrible. don't expect much.
      Sofi's app is great.

    • reply
      April 17, 2023 5:22 PM

      So fifth highest interest rate available? (others pay 4.25 to 4.75%)

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      April 17, 2023 8:34 PM

      I opened the Savings account but I didn't get the prompt to transfer everything from Apple Cash to Savings. I see no way to manually transfer those funds. Somehow I have $0.98 in Savings though. Bug? Anyone else experience this?

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        April 17, 2023 8:40 PM

        I got an email confirmation confirming savings is set up, but still getting “set up” prompts in the app. I think they are just overloaded.

    • reply
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