Apple is launching a new high-yield savings account for Apple Card users. In a post shared mondayApple says card users can leverage their Daily Cash rewards by putting them into the company’s new Goldman Sachs savings account, which offers an annual percentage return (APY) of 4.15.
Apple previously offered no way for users to increase their Daily Cash, the cash back rewards users get when they use their Apple Card. But now, users can store their funds in a savings account, which has no minimum deposit or minimum balance requirement. Users can set up the account through the Apple Card in their Wallet app, and from there Daily Cash will be automatically deposited into their savings account.
However, Apple says users can change this destination at any time and can even deposit some of their own money into the savings account through a linked bank account or from their Apple Cash balance. Users can also withdraw money at any time by accessing the savings account dashboard in Wallet.
“Our goal is to create tools that help users lead healthier financial lives, and the savings integration in Apple Card in Wallet lets them spend, send, and save everyday money directly and seamlessly, all from one place,” said Jennifer Bailey, vice president of Apple. Apple Pay and Apple Wallet, said in a statement.