FinTech: Apple Card Users Can Now Earn Interest On Their Daily Cash Rewards In A Goldman Sachs Savings Account

October 14, 2022 | FinTech, News

Daily Cash can now automatically deposit into a high-yield, Goldman Sachs Savings account.

Apple (NASDAQ: AAPL) announced that users of its Apple Card could open a new high-yield Savings account at Goldman Sachs (NYSE: GS) in the coming months. Apple Card users can automatically deposit, save, and grow their Daily Cash and rewards in this account. The iPhone giant also clarified that the Savings account will have no fees, no minimum deposits, and no minimum balance requirements.

“Soon, users can spend, send, and save Daily Cash directly from Wallet,” Apple said in a release.

Apple Daily Cash

Apple Card users get 3 percent 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 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases.

There is no limit to the amount of Daily Cash users can receive.

Apple Card: Savings account from Goldman Sachs

· Users can 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

· Alternatively, they can choose to continue to have it added to an Apple Cash card in Wallet

· Users can change their Daily Cash destination at any time

· Users can also 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

· Users can watch their rewards grow in a Savings Dashboard. It shows their account balance and interest accrued over time.

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “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.”

Related Story: Apple Wants A Bigger Slice Of The Fintech Pie

Image credit: Wikimedia Commons

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