Apple Launches High-Yield Savings for Apple Card Users

Apple Card users in the US can now deposit their Daily Cash rewards on a new high-yield savings account from Goldman Sachs. This account offers a 4.15 percent APY, a rate that Apple claims is “more than 10 times the national average.” This Saving account also has no fees, no minimum deposits, and no minimum balance requirements.

As of today, Apple Card users in the US can get up to 3% Daily Cash back on all purchases made with Apple Pay, and there’s no limit on how much Daily Cash rewards Apple Card users can earn. Before Apple launched this new Savings account, though, all Daily Cash rewards were deposited on the Apple Cash card in the Apple Wallet app, and users were not earning any interest on that money.

Starting today, once Apple Card users set up their Savings account, all Daily Cash rewards will be automatically deposited into that account, but users are still free to send that money back to the account of their choice. It’s also possible to send money from a linked bank account to this new Savings account from Goldman Sachs.

“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.”

Apple Card remains exclusively available in the US, and you can apply on Apple’s website or the Apple Wallet on iOS to get one.