Apple today announced a new Savings account for Apple Card that
will allow users to save their Daily Cash and grow their rewards
in a high-yield Savings account from Goldman Sachs. In the coming
months, Apple Card users will be able to open the new high-yield
Savings account and have their Daily Cash automatically deposited
into it — with no fees, no minimum deposits, and no minimum
balance requirements. Soon, users can spend, send, and save Daily
Cash directly from Wallet.
Apple Card users will be able to easily set up and manage Savings
directly in their Apple Card in Wallet. Once users set up their
Savings account, all future Daily Cash received will be
automatically deposited into it, or they can choose to continue to
have it added to an Apple Cash card in Wallet. Users can change
their Daily Cash destination at any time.
Apple evolving into a bank is a turn I never would have predicted a decade ago. But so far their offerings are all very consumer-friendly. The annual yield hasn’t been announced yet because interest rates are in such flux. (A lot of you reading this are probably too young to remember when savings accounts accrued meaningful interest; that’s one upside to higher interest rates.)