Apple is launching a new high-yield Savings account for Apple Card users. In a post shared on Monday, Apple says Card users can build upon their Daily Cash rewards by putting it in the company’s new Goldman Sachs savings account that comes with a 4.15 annual percentage yield (APY).
Apple previously offered no way for users to grow their Daily Cash, the cashback rewards users get when using their Apple Card. But now users can stash their funds into a savings account, which comes with no minimum deposits and no minimum balance requirements. Users can set up the account through the Apple Card in their Wallet app, and from there, Daily Cash will automatically get deposited into their savings account.
However, Apple says users can change this destination at any time and can even put some of their own money into the savings account through a linked bank account or from their Apple Cash balance. Users can also take out money at any time by accessing the Savings account dashboard within 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,” Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, says in a statement.
Apple first announced the savings account in October of last year and has since been working to make this feature, along with its long-awaited buy now, pay later service, a reality. The company finally launched Pay Later in March, which lets users pay back their Apple Card purchases in a set of four payments over the course of six weeks with no interest or fees. Unlike its savings account, however, Apple handles the financial side of Pay Later through its newly formed financial division, Apple Financing LLC.