Published , by Donovan Erskine
Published , by Donovan Erskine
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.
“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.