Apple Card is a credit card offered by Apple in partnership with Goldman Sachs. While Apple Card offers cashback rewards on purchases, it does not currently offer a savings account.
However, Apple has announced that they will be launching a new feature called “Apple Pay Later” which will allow users to pay for purchases in installments, similar to a buy now, pay later model. Additionally, Apple has also partnered with Marcus by Goldman Sachs to offer a personal loan product to Apple Card users.
It’s possible that Apple may expand its financial offerings in the future, but at this time, there is no news or information about a high-yield savings account being offered through Apple Card.
Apple Savings Account
From today onwards, Apple Card users have the option to grow their Daily Cash rewards by opening a Savings account with Goldman Sachs, which offers an APY of 4.15 percent, over 10 times the national average. The Savings account has no fees, minimum deposits, or balance requirements, and can be managed directly from the Wallet app.
According to Jennifer Bailey, VP of Apple Pay and Apple Wallet, the goal is to help users lead healthier financial lives by providing them with tools that allow them to spend, send, and save money easily from one place. Daily Cash earned by the user will be automatically deposited into the Savings account, which can be changed at any time. There is no limit on the amount of Daily Cash users can earn, and they can also deposit additional funds from a linked bank account or Apple Cash balance.
Users will have access to an easy-to-use Savings dashboard in the Wallet app to track their account balance and interest earned over time. They can withdraw funds at any time without any fees by transferring them to a linked bank account or Apple Cash card.
This new Savings account from Goldman Sachs enhances the existing financial benefits of Apple Card, including no fees, Daily Cash on every purchase, and tools to encourage users to pay less interest. It also prioritizes the privacy and security that users expect from Apple.
how to open apple savings account
To access this feature, you can follow the steps outlined in the URL you provided:
- Open the Wallet app on your iPhone or iPad
- Tap on your Apple Cash card
- Scroll down to the Apple Cash Family section and tap Set Up Apple Cash Family
- Follow the prompts to set up your family group and invite family members to join
Once you have set up Apple Cash Family, you can use it to send money to and receive money from family members who are part of your group. You can also use it to make purchases using Apple Pay. Note that this is not a traditional savings account in the sense that it does not earn interest on deposits.
How It Works
When you sign up for Savings, your Daily Cash rewards will automatically go into your account. This means you can earn interest on the money you get back from using your Apple Card to buy things. You can also earn interest on deposits you make from a bank account or Apple Cash. There are no fees or minimum balance requirements.
You can’t use Savings to buy things directly with your Apple Card or Apple Pay. If you want to use the money in your Savings account, you need to transfer it to your Apple Cash or a linked bank account.
If you have Apple Card Family, only the main account owner and co-owners can set up Savings accounts. Each person who has a Savings account can only see their own balance and details in the Wallet app.
Requirement for Apple saving account
To open and keep a Savings account, you need to have an active Apple Card and add it to your iPhone. You also need to be at least 18 years old and have a social security number or individual taxpayer identification number. You must live in the United States and have a valid physical address. You need to set up two-factor authentication for your Apple ID and update your iPhone to the latest iOS version.
Source and credit: Apple Website and web search