You’ll be able to add funds manually to your Apple Card savings account or choose to have your daily cashback automatically deposited into it.
- What’s happening? Apple announced a savings account feature for Apple Card to save your daily cashback and grow your rewards in the Wallet app.
- Why care? Because at the bare minimum, any funds that you’ve deposited into your Apple Bank savings account shall earn you interest over time.
- What to do? When the feature arrives, you’ll need to set up your savings account for your Apple Card in the Wallet app.
Apple unveils the Apple Card savings account
The announcement in the Apple Newsroom calls the Apple Card savings account “high-yield.” Apple Pay head Jennifer Bailey says the new savings account lets folks “grow their Daily Cash rewards over time, while also saving for the future.”
Apple Card holders will be permitted to open a savings account in the Wallet app in the coming months, but the company wouldn’t provide an exact timeframe.
Upon opening a savings account, the system will default to automatically depositing your daily cashback into it. Thankfully, Apple will let you continue receiving your daily cashback to your Apple Cash card in the Wallet app, like before.
“Users can change their Daily Cash destination at any time,” says Apple.
Does the Apple Card savings account have fees?
The new savings account will have no fees, no minimum deposits and no minimum balance requirements. Read: How to access Wallet and Apple Pay on the lock screen
In addition to automatically sending daily cashback to your savings account, you can also manually deposit funds into it via your linked bank account or Apple Cash balance. Expectedly, the money in your savings account earns you interest over time.
For those wondering, you will be able to move the money in your savings account to your linked bank account or, alternatively, your Apple Cash card. And you’ll be able to do so without paying any fees, which is great!
“Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time,” Apple notes. Provided by Goldman Sachs Bank, savings accounts are available to Apple Card owners and co-owners.