The main benefit of this account is the high APY. At 4.15%, Apple says that this rate is 10 times the national average. The account operates in partnership with Golden Sachs.
Apple Card holders can get between 2% and 3% cash back on purchases made via Apple Pay, and 1% cash back on transactions made with the physical card. So these Daily Cash balances will immediately go into the Savings account, so you can start earning interest.
Users also gets a neat dashboard right in the Wallet app, where they can track account balance and interest earned over time.
“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. 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,” said Jennifer Bailey, VP of Apple Pay and Apple Wallet.
Here is how you open a savings account in the Apple Wallet app:
- Tap on the Apple Card
- Tap on the circle with three dots at the top of the screen
- Tap Daily Cash
- Select Set Up Savings.
Users are also able to withdraw from the Apple Card Savings Account to a linked bank account with no fees.
