It was announced today by Apple that the company is planning on launching a brand new Savings Account feature for Apple Card users.
The feature will enable users to save their Daily Cash and increase their rewards in a high-yield savings account via Goldman Sachs. Once the feature is launched, users will be able to open that “new high-yield Savings account and have their Daily Cash automatically deposited into it — with no fees, no minimum deposits, and no minimum balance requirements.”
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said the company is trying to help customers save as much money as they can, as well as deliver more benefits for Apple Card.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” she said. “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.”
The Savings account will be entirely managed from the Wallet app after it has been set up. From there, all Daily Cash will be put into that account.
Additionally, Apple has plans to add even more savings to the mix, according to its press release.
“To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.”
At this time, Apple has yet to announce a launch date for this new Apple Card feature.
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