Apple reportedly launches a Card-linked savings account and it comes with a 4.15 percent APY. The new saving account from Apple allows its users to grow their Daily Cash.
Apple Card-Linked Savings Account
Apple is set to launch a new high-yield Savings account for users of Apple Card. Apple In a post that was shared on Monday, says that Card users can build upon their Daily Cash rewards simply by putting it in the new Goldman Sachs savings account of the company that comes with a 4.15 annual percentage yield (APY).
Apple prior to this offered no way for users to grow their Daily Cash, which is the cashback rewards users get when they are using their Apple Card. But right now users can stash their funds into a savings account, which as you should know comes with no minimum deposits as well as no minimum balance requirements. Users can easily set up the account via the Apple Card in their Wallet app, and right from there, Daily Cash will get deposited into their savings account automatically.
How the New Service and Tool Works
Apple however says that users can change this destination at any time and that they can even put some of their very own money into the savings account via a linked bank account or directly from their Apple Cash balance. Users can also take out money at any time simply by accessing the Savings account dashboard that is within Wallet.
“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place,” Apple’s vice president of Apple Pay and Apple Wallet, Jennifer Bailey in a statement states.
The Savings Account Was Announced In October
Apple initially announced the savings account back in October of the previous year and has ever since then been working to make this very feature, alongside its long-awaited buy now, pay later service, a reality.
The company launched Pay Later in March finally, which as you already know allows users to pay back the purchases of their Apple Card in a set of four payments over the course of six weeks with no set interest or fees. And unlike its savings account, however, Apple handles the financial side of Pay Later via Apple Financing LLC which is its newly formed financial division.
MORE RELATED POSTS