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Apple has announced that its Apple Card Savings Account is now available on the Wallet app, offering a high-yield annual percentage rate (APY) of 4.15%. This new integration was first announced back in October, and the company has been developing it ever since. The Savings Account is designed to help users save more money and build a healthy financial life.
The account offers more than 10 times the national average with no fees, minimum deposits, or balance requirements. Users can automatically deposit their Daily Cash rewards into the account, and as they earn Daily Cash with their Apple Card, the money is automatically deposited into the high-yield savings account in the Wallet app.
Apple Card offers Daily Cash rewards at 3% for all purchases from Apple, 2% on all purchases using Apple Pay, and 1% on all other purchases. Users can also get 3% Daily Cashback when they buy with Apple Pay at specific stores and retailers.
Aside from depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance. They can track the balance of this high-yield savings account directly in the Wallet app, and there will be a new “Savings Account” button in the Apple Card interface.
The Apple Card Savings Account is operated in partnership with Goldman Sachs, the same partner for the Apple Card itself. This new integration is aimed at building tools that help users lead healthier financial lives, enabling them to spend, send, and save Daily Cash directly and seamlessly all from one place.
The 4.15% APY offered by Apple beats many other high-yield savings accounts on the market, including the Marcus savings account offered by Goldman Sachs directly. Some of the options that outperform Apple Card Savings Account (and don’t require minimum deposits) include Citizens Bank, Synchrony, Wealthfront, LendingClub, and some credit unions.
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Interested users can sign up for the Apple Card Savings Account in the Wallet app on their iPhone starting today by looking at their Apple Card and tapping the three dots in the upper-right corner, then tapping on “Daily Cash”. It’s expected to fully roll out around 1 p.m. EDT/10 a.m. PDT. According to Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, “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”.
