Today, Apple announced the launch of the brand new Apple Card Savings Account.
What this means is Apple Card users now have the opportunity to make the most of their Daily Cash earnings by putting it in a Savings account via Goldman Sachs, which can have a high-yield of 4.15%, a rate that is 10 times more than the national average, according to Apple.
There are also no fees, no minimum balance requirements, and no minimum deposits.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said this new piece of Apple Card is all about the user’s financial health.
“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,” she said. “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.”
After the Savings account has been set up by the Apple Card user, any and all Daily Cash earned in future purchases will be added to that account. The Daily Cash deposit of course can be altered at any time and Apple has not placed any sort of cap as for how much a user can save by using this program.
Users will have access to a simple-to-view dashboard in the Wallet app where they’ll be able to track and manage their account, and see their interest earned over the course of using the Savings account.
What are your thoughts on the launch of the new Apple Card Savings Account? Do you plan on using it? Comment below or let us know on Twitter at @appleosophy.