If you are an Apple Card user, you might have heard about the new Savings Account feature that Apple has recently launched. This feature allows you to earn interest on your Daily Cash rewards by automatically depositing them into a high-yield Savings account from Goldman Sachs. In this blog post, we will explain how this feature works and how you can benefit from it.
What is Apple Card Savings?
Apple Card Savings is a new feature that lets you grow your rewards in Apple Wallet by automatically depositing your Daily Cash into a new high-yield Savings account from Goldman Sachs.
Apple says that this offers a high-yield APY of 4.15% — a rate that’s more than 10 times the national average. It doesn’t charge any fees, there is no restriction on minimum deposits, and there are no minimum balance requirements, said Apple.
You can access and manage your Savings account directly from Apple Card in Wallet, and you can withdraw your money anytime without any penalty.
How to set up Apple Card Savings?
Setting up Apple Card Savings is very easy and can be done in a few steps:
– Open the Wallet app on the iPhone and tap Apple Card.
– Tap the More button, then tap Daily Cash.
– Tap Set Up next to Savings, then follow the onscreen instructions.
– When opening Savings, you’ll be asked if you want to transfer funds from your Apple Cash balance to your new account to start earning interest on that money.
You can also choose how much of your Daily Cash you want to deposit into your Savings account every month. You can either deposit all of it, a percentage of it, or a fixed amount of it. You can change this setting anytime from the Daily Cash screen.
How to use Apple Card Savings?
Once you have set up your Savings account, you can start earning interest on your Daily Cash rewards. You can also view your balance, interest earned, and transaction history from the Wallet app.
You can withdraw money from your Savings account anytime without any penalty. To do so, follow these steps:
– Open the Wallet app on the iPhone and tap Apple Card.
– Tap the More button, then tap Daily Cash.
– Tap Transfer next to Savings, then enter the amount you want to transfer and confirm.
– The money will be transferred to your Apple Cash balance, which you can use to pay with Apple Pay, send to friends and family, or transfer to your bank account.
Why use Apple Card Savings?
Apple Card Savings is a great way to save more money and earn more rewards with your Apple Card. Here are some of the benefits of using this feature:
– You can earn a high interest rate on your Daily Cash rewards, which is much higher than most savings accounts in the market.
– You can save money without any fees, minimum deposits, or minimum balance requirements.
– You can access and manage your money easily from the Wallet app on your iPhone.
– You can withdraw your money anytime without any penalty or hassle.
Apple Card Savings is currently available for US customers only and is provided by Goldman Sachs Bank USA. If you are interested in this feature, you can set it up today and start saving more money with your Apple Card.
