Apple Card users can choose to grow their Daily Cash rewards with a high-yield Savings account from Goldman Sachs, which offers an APY of 4.15 percent — a rate that’s more than 10 times the national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet.
Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
Users will also have access to an easy-to-use Savings dashboard in Wallet, where they can conveniently track their account balance and interest earned over time. Users can also withdraw funds at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.
If you have an iPhone and are used to paying for purchases by scanning the Apple Card on your smartphone, you may find it convenient to integrate the Apple Savings account into your finances. That way, the Daily Cash you earn from your Apple Card can automatically transfer to your savings account without having to transfer points or funds from another cash back card.
The biggest drawback of the account is that you must carry an Apple Card. While you may prefer the Apple Card for its 2% Daily Cash cash back on purchases, the card may not be ideal for what you want out of your credit card, particularly if you value travel rewards.
Apple’s new high-yield savings account delivers high APYs and convenient perks, especially if you already use an Apple Card. While its rate isn’t the highest on the market, it’s on the upper end. Keep in mind, many HYSA’s offering higher rates also come with fees that can cut into your earnings, while the Apple Savings account is free.
MacDailyNews Take: On thing to remember is that Apple allows you to contribute up to $250,000 into your Savings account, which is less than other competitors. For example, Goldmac Sachs’ own Marcus high yield savings account, which also offers a high-yield APY of 4.15 percent, allows you to contribute up to $1 million.
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