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Apple’s new high-yield Savings account delivers high APYs and convenient perks

tigaman webdesign — Tue, 30 May 2023 19:00:21 +0000

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.

Apple Card users can choose to grow their Daily Cash rewards by automatically depositing their Daily Cash into a high-yield Savings account from Goldman Sachs.

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.

Tim Maxwell for CBS News:

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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The post Apple’s new high-yield Savings account delivers high APYs and convenient perks appeared first on MacDailyNews.

Tim Cook Touts ‘Incredible’ Response to Apple Card Savings Account on iPhone

tigaman webdesign — Fri, 05 May 2023 21:15:07 +0000

Apple CEO Tim Cook this week said initial response to the new Apple Card Savings feature has been “incredible” following its launch last month.

Speaking on Apple’s quarterly earnings call, Cook said both the savings account and the new Apple Pay Later financing feature help customers to live a “healthier financial life,” adding that he is “very excited about the first days of both of them.”

Apple Card users can now open a high-yield savings account from Goldman Sachs and start earning interest on their Daily Cash cashback balance and other deposited money, with no fees or minimum balance requirement. The account currently offers a 4.15% APY, a rate Apple said was “more than 10 times the national average” as of late March. The account can be set up and completely managed in the Wallet app on the iPhone.

Forbes this week reported that around 240,000 Apple Card savings accounts were opened in the first week, citing sources familiar with the matter.

The U.S. Federal Reserve raised its benchmark interest rate by 0.25 percentage points on Wednesday, but the Apple Card savings account’s APY remains unchanged for now. It’s unclear if or when Goldman Sachs will increase the account’s APY in response to the rate hike, as many other banks offering high-yield savings accounts commonly do.

Apple’s credit card and the savings account are available in the U.S. only.

Tags: Tim Cook, Apple Card

This article, "Tim Cook Touts 'Incredible' Response to Apple Card Savings Account on iPhone" first appeared on MacRumors.com

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Apple Card Users Can Get 6% Daily Cash From Nike Purchases, $75 Bonus Available for New Customers

tigaman webdesign — Wed, 03 May 2023 18:51:07 +0000

Apple is partnering with Nike this month to give Apple Card users six percent Daily Cash back on purchases, up from the typical three percent cash back offer. The deal is available through the end of May, and customers can get the higher cash back percentage on up to $500 in goods.

The additional cash back is available when using the ‌Apple Card‌ to make purchases from the Nike website, U.S. Nike stores, or the Nike app, and Apple Pay is required. A Nike customer who spends $500 with ‌Apple Pay‌ and the ‌Apple Card‌ will receive $30 in total, and after that, the Daily Cash back total drops back down to three percent.

Customers who open a new ‌Apple Card‌ account by 5/31 and spend $75 or more at Nike within the first 30 days of having the card will be able to get $75 cash back.

Apple partners with a number of vendors to offer three percent Daily Cash back on ‌Apple Pay‌ purchases made with ‌Apple Card‌. Companies that support the extra cash back include Ace, T-Mobile, Nike, Uber Eats, Uber, Panera, Walgreens, Exxon Mobil, and of course, Apple’s own retail stores. Standard ‌Apple Pay‌ purchases earn two percent cash back, and all other purchases earn one percent.

Daily Cash can be transferred to a bank account, used for Apple Cash purchases, or deposited into the new ‌Apple Card‌ Savings account that came out in April.

The ‌Apple Card‌ continues to be limited to customers in the United States.

Tag: Apple Card

This article, "Apple Card Users Can Get 6% Daily Cash From Nike Purchases, $75 Bonus Available for New Customers" first appeared on MacRumors.com

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