Apple Card users to soon accrue daily cash rewards concurrently with future savings accumulation
Apple Introduces High-Yield Savings Account for Apple Card
Apple has announced a new feature for its Apple Card: a high-yield Savings account, provided by Goldman Sachs Bank USA. This development is part of Apple's ongoing commitment to offering financial health benefits and valuable Daily Cash to its users.
The new Savings account is designed to help users lead healthier financial lives by offering an easy-to-use tool for saving and growing Daily Cash rewards. With no fees, no minimum deposits, and no minimum balance requirements, it's accessible to all Apple Card Owners and Co-Owners, subject to eligibility requirements.
Built into Wallet on iPhone, Apple Card has transformed the credit card experience. It simplifies the application process, eliminates all fees, encourages users to pay less interest, offers the privacy and security users expect from Apple, and provides Daily Cash on every purchase. Users can earn 3% Daily Cash on purchases made using Apple Pay with Apple and select merchants, 2% Daily Cash on other merchants with Apple Pay, and 1% on all other purchases.
Users can choose to have all future Daily Cash received automatically deposited into their Savings account, or continue to have it added to an Apple Cash card in Wallet. An easy-to-use Savings dashboard in Wallet will show users their account balance and interest accrued over time.
Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, stated that Savings delivers even more value to users' favorite Apple Card benefit - Daily Cash. Users can withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees.
Savings accounts offered by Goldman Sachs Bank USA are FDIC-insured, providing peace of mind for users. Apple's more than 100,000 employees are dedicated to making the best products on earth and leaving the world better than they found it.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984 and today leads the world in innovation with products like iPhone, iPad, Mac, Apple Watch, and Apple TV. The company's five software platforms - iOS, iPadOS, macOS, watchOS, and tvOS - provide seamless experiences across all Apple devices and empower people with breakthrough services.
Users can spend, send, and save Daily Cash directly from Apple Wallet once the new feature is available. Apple Card users will soon be able to grow their Daily Cash rewards by automatically depositing them into this new high-yield Savings account from Goldman Sachs. Users can set up and manage Savings directly in their Apple Card in Wallet. Variable APRs for the Savings account range from 13.99 percent to 24.99 percent based on creditworthiness, as of October 1, 2022.
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