San Francisco: Apple has launched a new savings account for Apple Card users that will pay 4.15 percent annual interest (APY). Apple Card users can now earn handsome returns by stashing their cash in a high-interest savings account from Goldman Sachs. “Starting today, Apple Card users can choose to enhance their Daily Cash Rewards with a Goldman Sachs savings account, which offers a higher interest APY of 4.15 percent—a rate that is 10 times higher than the national average,” the company said. With no fees, no minimum deposit and no minimum balance requirements, users can easily set up and manage their savings account with Apple Card directly in Wallet.
“Savings helps our users get even more value from their favorite Apple Card benefit, ‘Daily Cash,’ while giving them 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 allow them to build savings into Apple Card directly and seamlessly from one place in Wallet,” Bailey said. Enables you to spend, send and save daily cash.” Once the savings account is set up, all future daily cash earned by the user will be automatically credited to the account.
To grow their savings even further, users can deposit additional funds into their savings account through a linked bank account or from their Apple Cash balance. “Users will have access to an easy-to-use savings dashboard in Wallet, where they can easily track their account balance and the interest earned over time,” Apple said late Monday. Withdraw funds at any time through the Savings Dashboard by transferring them to Apple’s linked bank account or to your Apple Cash card.