Apple Card Will Soon Let Users Grow Daily Cash Rewards While Saving For The Future

Rhea-AI Summary

Apple Card users can now grow their rewards by automatically depositing Daily Cash into a new high-yield Savings account from Goldman Sachs. This account requires no fees, no minimum deposits, and no minimum balance. Users can easily manage their Savings account through the Apple Wallet, allowing for additional deposits and withdrawals without fees. Apple aims to enhance financial wellness for users while providing competitive Daily Cash rewards on purchases, including 3% on select transactions. The Savings feature underscores Apple's commitment to simplifying financial management for its users.

Positive

• Introduction of a high-yield Savings account for Apple Card users to enhance financial rewards.
• No fees, minimum deposits, or balance requirements for the new Savings account.
• Users can easily manage Savings directly in their Apple Wallet, promoting financial engagement.
• The feature aims to improve users' financial health by helping them save and grow their Daily Cash.

Negative

• None.

Apple Card users will be able to grow their rewards in Apple Wallet by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs

CUPERTINO, Calif.--(BUSINESS WIRE)-- 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.¹ 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.² Soon, users can spend, send, and save Daily Cash directly from Wallet.

Apple Card users will be able to grow their Daily Cash while saving for the future by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs. (Photo: Business Wire)

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”

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.

To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.

Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay® with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay, at other merchants, and 1 percent on all other purchases. There is no limit to the amount of Daily Cash users can receive.

The new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers. Built into Wallet on iPhone®, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.³

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.

© 2022 Apple Inc. All rights reserved. Apple, the Apple logo, and Apple Card, Daily Cash, Apple Cash, Apple Pay, and iPhone are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

¹Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC.
²Savings is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
³Variable APRs range from 13.99 percent to 24.99 percent based on creditworthiness. Rates as of October 1, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221013005035/en/

Kimberly Mai

Apple

k_mai@apple.com

Heather Norton

Apple

heather_norton@apple.com

Source: Apple Inc.

FAQ

What is the new feature for Apple Card users announced by Apple?

Apple announced a new high-yield Savings account for Apple Card users, allowing them to automatically deposit Daily Cash.

Are there any fees associated with the new Apple Savings account?

No, there are no fees, minimum deposits, or minimum balance requirements for the new Savings account.

How can Apple Card users manage their Savings account?

Users can manage their Savings account directly in the Apple Wallet app.

What Daily Cash rewards can users receive with the new Savings account?

Users can receive up to 3% Daily Cash on select purchases made with Apple Card.

Which bank offers the new Savings account for Apple Card users?

The new Savings account is offered by Goldman Sachs.