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Apple Card Holders Will Be Getting A High Yield Savings Account Accessible Within The Wallet App

Apple Card users will be able to set up and manage their Savings account directly in the existing Apple Wallet mobile app.

Samuel Damy

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Apple card savings account

Apple card users could now obtain savings account from Apple inc | (Smarttechvillas)

Keynotes

  • The company announced that it will partner with Goldman Sachs to launch a new Savings account feature for Apple Card credit cardholders
  • The aim is to give Apple card holders the ability to save and grow their “Daily Cash”—cashback rewards from Apple Card purchases.
  • Apple says cardholders will be able to automatically save this cash in a new, high-yield Goldman Sachs Savings account accessible through Apple Wallet in the coming months.
  • Customers can also deposit money into this account.

Apple is taking a significant step toward providing its consumers with more banking options. Apple revealed today that it will work with Goldman Sachs, and they will be able to introduce a new savings account feature for Apple Card credit users.

This feature will enable users to be able to save and grow their Daily Cash rewards, which they receive from using their Apple Card.

According to Apple, cardholders will soon have the option to automatically store this money in a new, high-yield savings account from partner Goldman Sachs that is usable through the Apple Wallet. Additionally, customers will be able to deposit their own cash into this account.

Savings from apple

Apple Savings Wallet | Photo by Apple inc. (Smarttechvillas)

Apple made it known that the account will not have any fees, down payments, or minimum balance requirements. The account will be put on par with a number of neobanks, which are regularly used as places for customers to keep their digital currency and receive earnings through interest payments.

However, Apple did not yet specify in its press release from this morning what interest rate will be rewarded on these high-yield accounts. According to the information from Bankrate said that other financial institutions are currently offering APYs between 2.20% and 3.05%.

According to Investopedia statistics, which cite current APYs over 3.1%, some are going much higher.

Apple stated that given the current context of especially volatile interest rates, it is not yet ready to announce the APY.

Users of Apple Cards will be able to set up and manage their savings accounts directly in the current Apple Wallet mobile app once the new product is available.

So all Daily Cash they earn through Apple Card transactions will be automatically put into this account. According to Apple, this option can be changed at any time.

The account balance and interest that have accumulated over time will be shown on a savings dashboard within the app.

Apple currently offers 3% cashback on purchases made with the Apple Card and Apple Pay at a select group of retailers, as well as Apple itself, Uber Eats, Walgreens, Nike, T-Mobile, and so on.

When Apple Pay is used, purchases made with Apple Cards will earn 2% cashback, and transactions made with the titanium card or a virtual card number will earn 1% cashback.

However, cardholders don’t simply have to rely on transactions made with their Apple Cards to fund their new savings accounts.

Customers will be able to add more money using a linked bank account or their Apple Cash balance, according to Apple. Additionally, they are not charged any fees to withdraw this money at any moment by transferring it back to the same associated bank account or Apple Cash card.

On the other hand, Goldman Sachs is moving forward in becoming a more conventional bank.

Which has been in business for five years and said last year that it had more than $100 billion in customer deposits.The partnership with Apple will give it another angle into the consumer deposit market.

Apple didn’t offer an exact launch date for its high-yield savings account, either, saying only that it would arrive in the coming months.

The company have not provided a specific version number for the upcoming iOS release, but did confirm that the savings account feature will be included.