Apple just announced that it will be launching Savings accounts for AppleCard users for their Daily Cash rewards.
Apple just announced that Apple Card users will be able to grow accumulated Daily Cash rewards by depositing the money into a savings account with high-yield rates from Goldman Sachs. This new feature will be rolling out in the coming months, so it is not immediately available.
The unique thing about Apple Card is the fact that you get Daily Cash, which is deposited into your Apple Cash account immediately, instead of waiting for your statement to close like with most other credit cards. The amount of cash you receive back depends on how you use your Apple Card: 3% cash back from Apple Store purchases and other select retailers, 2% through Apple Pay, and 1% for everything else.
“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. “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’s Savings can also be used as a regular savings account, as users can deposit additional funds directly to it through a linked bank account, or even from the Apple Cash card balance. Money can also be withdrawn at any time with no fees.
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