Apple announced tonight via a press release that Apple Card users will soon be able to increase their rewards in their wallet by automatically depositing their Daily Cash into Goldman Sachs ’s high-yield savings account. There is no fee throughout the process, no minimum deposit amount, and no minimum balance requirement. With this account, users will be able to spend, send and save Daily Cash directly from their wallet.
, vice president of Apple Pay and Apple Wallet, said: "Save allows Apple Card users to increase their Daily Cash rewards over time, while also saving for the future. The deposit account provides more value to users' favorite Apple Card benefits: Daily Cash, while providing another easy-to-use tool designed to help users live a healthier financial life."
Once a user sets up a deposit account, all Daily Cash received in the future will be automatically deposited into the account, or they can choose to continue adding it to the Apple Cash card in their mobile wallet. Users can change their Daily Cash destinations at any time.
Apple also said that users can also deposit additional funds into their savings accounts through an associated bank account or from their Apple Cash balance.
users can also transfer funds to the associated bank account or Apple cash card to withdraw funds at any time, and there is no charge for the process. Once set up, Apple Card users can watch their reward growth in their wallets through an easy-to-use savings dashboard that displays their account balance and interest accumulated over time.
Apple Card users are able to set up a new savings account, while the company is expanding its financial products through Apple Pay Later, which will be released in the future. Meanwhile, the service continues to provide 3% Daily Cash for users using Apple Pay for Apple Card consumption at Apple and specific merchants.
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