Apple Card launches high-yield savings account

Apple Card launches high-yield savings account

Goldman Sachs is now offering a high-yield Savings account with an impressive 4.15 percent APY to Apple Card users, allowing them to grow their Daily Cash rewards.

This rate is more than ten times the national average, and there are no fees, minimum deposits, or balance requirements. Users can easily set up and manage their Savings account from within Apple Card in Wallet.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, stated that the Savings account helps users get more value out of their Daily Cash rewards and provides an easy way to save money every day.

The ultimate goal is to build tools that promote healthier financial lives, and incorporating Savings into Apple Card in Wallet allows users to spend, send, and save Daily Cash seamlessly.

All future Daily Cash rewards earned by the user will automatically be deposited into their Savings account, which can be changed at any time.

There is no limit on the amount of Daily Cash that can be earned. Users can also deposit additional funds into their Savings account from a linked bank account or Apple Cash balance to further grow their savings.

The Savings dashboard in Wallet allows users to track their account balance and interest earned over time, and withdrawals can be made at any time with no fees by transferring funds to a linked bank account or Apple Cash card.

The new Savings account from Goldman Sachs builds upon the existing financial health benefits of Apple Card, including no fees, Daily Cash rewards on every purchase, and tools to reduce Apple Card interest. All of this is provided with the privacy and security that Apple is known for.

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