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Apple has announced an expansion of its collaboration with Goldman Sachs for a new Apple Card feature.
In a press release, Apple explains that Apple Card users can have their Daily Cash rewards automatically deposited into an interest-bearing savings account from Goldman Sachs. The balance of this savings account can be viewed directly in the Wallet app. There are no minimum deposits or minimum balances required. In addition, the savings account is free of charge. In the press release is it [called:
Apple Card users can set up and manage their savings account directly from their Apple Card in Wallet. Once users set up their savings account, all future Daily Cash earnings will be automatically deposited into that account, or they can choose to continue depositing the money into an Apple Cash card in Wallet. Users can change their Daily Cash goal at any time.
Apple Card: Users can set up a savings account
In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money via a linked bank account or their Apple Cash balance.
To extend savings even further, users can also add additional funds to their savings account from a linked bank account or from their Apple Cash balance. Additionally, users can withdraw funds at any time by transferring to a linked bank account or to their Apple Cash card without incurring fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use savings dashboard that shows account balances and interest accrued over time.
Users can track the balance of this high-yield savings account directly in the Wallet app. There will be a new "Savings Account" button in the Apple Card interface. Tapping it will display a list of transactions and a graph showing the account's progress. You can also easily withdraw funds from your bank. Apple hasn't yet announced when this feature will be available, only that it's rolling out "soon." The exact percentage of interest the account will pay hasn't been disclosed either. Goldman's existing online savings account offers an APR of 2.15%. The new savings account will only be available to Apple Card users, including cardholders and joint cardholders. It remains unclear when the Apple Card will launch in Germany. (Photo by Unsplash / blocks)
