Apple Cards Are Getting Savings Accounts for Daily Cash, Deposits
The company will offer the option to automatically deposit rewards into Goldman Sachs high-yield savings accounts.
Apple Card's Daily Cash feature is expanding.
Apple Card users will soon be able to have Daily Cash rewards automatically deposited into high-yield savings accounts from Goldman Sachs, Apple said Thursday.
The accounts won't have fees, minimum deposits or minimum balance requirements, Apple said. The company didn't disclose what interest rates it will offer, though the company said people can deposit additional funds into their savings accounts through a linked bank account or from their Apple Cash balance.
"Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future," Jennifer Bailey, Apple's vice president of Apple Pay and Apple Wallet, said in a press release. "Savings delivers even more value to users' favorite Apple Card benefit -- Daily Cash -- while offering another easy-to-use tool designed to help users lead healthier financial lives."
The move marks Apple's latest effort to make its credit card, which it launched in 2019 through a partnership with Mastercard and Goldman Sachs, more appealing amid economic uncertainty. Though Apple isn't the first company to offer a branded credit card, it has sought to set itself apart by offering benefits such as tight integration with iPhones and their Apple Pay wireless payments service. It also promised 3% cash back on purchases through some retailers including Walgreens, Ace Hardware, T-Mobile and ExxonMobil, and up to 2% cash back on other purchases.
Apple has expanded the card's benefits over the years, adding interest-free financing when people buy new devices through the company.