Apple Card to Offer Option to Put Daily Cash Into High-Yield Savings Account

Amidst its other announcements over the past week, Apple also revealed a new option for Apple Card cardholders. Users with the card will be able to open a new high-yield savings account and have their Daily Cash rewards automatically deposited there instead of their Apple Cash account.

Apple and Goldman-Sachs to Offer Alternative Way to Receive Your Daily Cash

The Apple Card is handled by Goldman-Sachs, and the new Daily Cash savings accounts will be, too. While the Cupertino-based tech giant hasn’t offered any specifics on the offer, we can postulate based on other Goldman-Sachs offerings.

Currently, the financial firm’s existing high-yield savings account, Marcus, offers up to a 2.35% APR. By depositing Daily Cash into such a savings account, users will be able to grow their rewards further. Through a linked bank account or using their Apple Cash balances consumers can deposit additional funds into the account. Similarly, users can withdraw funds from the account at any time without any fees.

Apple Card currently offers 2% Daily Cash for any purchases made using Apple Pay. Purchases made using Apple Pay at select retailers see even more reward, totaling 3% in Daily Cash rewards. Those retailers change periodically, but right now include Apple, Ace Hardware, ExxonMobil, Nike, Panera Bread, T-Mobile, Uber, Uber Eats and Walgreens.

Exact Timing of Daily Cash Savings Account Uncertain

When Apple first announced the savings account option for Daily Cash, it said only that the availability would be “in the coming months.” However, some Apple Card holders running the iOS 16.1 beta have confirmed the release candidate includes additional details about it in Wallet.

The release candidate notes cover the savings account as well as key sharing in Wallet.

Savings account enables Apple Card customers to grow their Daily Cash by depositing it in a high yield savings account. Key sharing enables you to securely share car, hotel room, and other keys in Wallet using messaging apps such as Messages and WhatsApp.

This could mean the option to open such a savings account will come as early as Oct. 24, when iOS 16.1 is expected to be available to all iPhone users.