Apple Card to Offer Savings Account for Daily Cash - MacRumors

[Gunnar Larson]

https://www.macrumors.com/2022/10/13/apple-card-savings-account/

Brex, Apple Card and a Lending Club board resignation question fair and
free elections in New York State.

We just went through this?

Apple today announced
<https://www.apple.com/newsroom/2022/10/apple-card-will-let-users-grow-daily-cash-rewards-while-saving-for-the-future/>
that
Apple Card users will be able to open a new "high-yield" savings account
from Goldman Sachs and have their Daily Cash automatically deposited into
it, with no fees, no minimum deposits, and no minimum balance requirements.

[image: Apple Card Savings Account]
Apple says the savings account option will be available "in the coming
months," but it did not reveal what the interest rate will be for Daily
Cash balances. Goldman Sachs' existing online high-yield savings account
Marcus <https://www.marcus.com/us/en> currently has a 2.15% APR.

As with all Apple Card features, users will be able to manage the savings
account through the Wallet app. Once the account is set up, all Daily Cash
received from that point on will be automatically deposited into it, unless
a user opts to continue having it added to their Apple Cash card. Users can
change where their Daily Cash is sent at any time.

Apple Card offers 2% Daily Cash on any purchase made with Apple Pay, and 3%
Daily Cash on purchases made with Apple Pay at select retailers, including
Apple, Uber, Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile,
ExxonMobil, and Ace Hardware. Apple Card users who take advantage of the
savings account option would be able to earn interest on their Daily Cash
automatically, allowing the amount to grow over time.

Users will be able to deposit additional funds into the savings account
through a linked bank account, or from their Apple Cash balance. Likewise,
users will be able to withdraw funds from the savings account at any time,
with no fees.

"Savings enables Apple Card users to grow their Daily Cash rewards over
time, while also saving for the future," said Apple Pay chief Jennifer
Bailey. "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."

Launched in 2019, the Apple Card remains exclusive to the United States.
Apple's credit card can be managed completely through the Wallet app on the
iPhone, with a physical version available for use at stores that do not
accept contactless payments. Daily Cash is limited to 1% for purchases made
with the physical Apple Card.
Tag: Apple Card Guide <https://www.macrumors.com/guide/apple-card/>
[ 103 comments
<https://forums.macrumors.com/threads/apple-card-to-offer-savings-account-for-daily-cash.2365394/>
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Top Rated Comments
[image: sniffies Avatar] <https://forums.macrumors.com/posts/31618035>
sniffies <https://forums.macrumors.com/posts/31618035>
7 hours ago at 08:06 am
Great news! So far, I have $0.61 in Daily Cash. Just $1,199,999.39 more to
go for retirement.
Score: 16 Votes (Like
<https://forums.macrumors.com/posts/31618035/react?reaction_id=1> | Disagree
<https://forums.macrumors.com/posts/31618035/react?reaction_id=8>)
[image: macsplusmacs Avatar] <https://forums.macrumors.com/posts/31618051>
macsplusmacs <https://forums.macrumors.com/posts/31618051>
7 hours ago at 08:07 am
Nice. I currently transfer my cash each month to a checking but this might
get me to switch. Problem is apple keeps making stuff I want to spend money
on so....
Score: 11 Votes (Like
<https://forums.macrumors.com/posts/31618051/react?reaction_id=1> | Disagree
<https://forums.macrumors.com/posts/31618051/react?reaction_id=8>)
[image: Internet Enzyme Avatar]
<https://forums.macrumors.com/posts/31618083>
Internet Enzyme <https://forums.macrumors.com/posts/31618083>
7 hours ago at 08:14 am
What exactly does "high-yield" entail? Banks love to use that term, and the
"high yield" is like 0.1% per annum: $10 per year with $10k deposited. Very
curious to see what the rate is.
Score: 11 Votes (Like
<https://forums.macrumors.com/posts/31618083/react?reaction_id=1> | Disagree
<https://forums.macrumors.com/posts/31618083/react?reaction_id=8>)
[image: ELman Avatar] <https://forums.macrumors.com/posts/31618098>
ELman <https://forums.macrumors.com/posts/31618098>
7 hours ago at 08:18 am
I have used Ally as a high yield bank for years. They are currently at
2.25% with no minimum balance. It will be interesting to see if Goldman
will offer the same.
https://www.ally.com/bank/online-savings-account/
Score: 11 Votes (Like
<https://forums.macrumors.com/posts/31618098/react?reaction_id=1> | Disagree
<https://forums.macrumors.com/posts/31618098/react?reaction_id=8>)
[image: UltraInstinct Avatar] <https://forums.macrumors.com/posts/31618068>
UltraInstinct <https://forums.macrumors.com/posts/31618068>
7 hours ago at 08:11 am
I love Apple Card updates. Love to be a part of one someday.
Score: 7 Votes (Like
<https://forums.macrumors.com/posts/31618068/react?reaction_id=1> | Disagree
<https://forums.macrumors.com/posts/31618068/react?reaction_id=8>)
[image: Spaceboi Scaphandre Avatar]
<https://forums.macrumors.com/posts/31618061>
Spaceboi Scaphandre <https://forums.macrumors.com/posts/31618061>
7 hours ago at 08:09 am
Opening the savings account with Goldman Sachs though...no thanks.
Score: 6 Votes (Like
<https://forums.macrumors.com/posts/31618061/react?reaction_id=1> | Disagree
<https://forums.macrumors.com/posts/31618061/react?reaction_id=8>)
Read All Comments
<https://forums.macrumors.com/threads/apple-card-to-offer-savings-account-for-daily-cash.2365394/>
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