By Adedapo Adesanya
Apple has collaborated with Goldman Sachs to offer new savings account for Apple Card owners. This card, styled as Daily Cash, will allow users to save money and grow rewards in a high-yield savings account.
In a press release, the company said Apple Card users would soon be able to open the new high-yield savings account and have their Daily Cash automatically deposited into it — with no fees, minimum deposits, and minimum balance requirements.
The Vice President of Apple Pay and Apple Wallet, Ms Jennifer Bailey, said users could spend, send, and save Daily Cash directly from Wallet.
“Savings enables Apple Card users to grow their Daily Cash rewards over time while also saving for the future.
“Savings delivers even more value to users’ favourite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Apple Card users can easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can continue to have it added to an Apple Cash card in Wallet.
Users can also change their Daily Cash destination at any time.
To expand Savings even further, users can deposit additional funds into their Savings account through a linked bank account or from their Apple Cash balance.
Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. 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 Card explained that users get 3 per cent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 per cent Daily Cash when they use Apple Pay at other merchants, and 1 per cent on all other purchases.
It also announced that there is no limit to the amount of Daily Cash users can receive.
The new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers.
Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.
Modupe Gbadeyanka