You can manually add funds to your Apple Card Savings account or choose to automatically receive daily cashback.
- What is happening? Apple has announced a savings account feature for the Apple Card to save your daily cashback and increase your rewards in the Wallet app.
- Why care? Because, at a minimum, any funds you deposit into your Apple Bank savings account will earn you interest over time.
- What to do? When this feature arrives, you’ll need to set up an Apple Card savings account in the Wallet app.
Apple Introduces Apple Card Savings Account
An announcement in Apple Newsroom calls the Apple Card Savings Account “high-yielding.”Apple Pay CEO Jennifer Bailey says the new savings account allows people “to increase their daily cash rewards over time and also save for the future.”
Apple Card holders will be allowed to open a savings account in the Wallet app in the coming months, but the company hasn’t given an exact timeline.
When you open a savings account, the system automatically credits your daily cashback to it by default. Luckily, Apple will let you continue to receive daily cashback to your Apple Cash card in the Wallet app, just like before.
“Users can change the Daily Cash destination at any time,” Apple says.
Are there fees for an Apple Card savings account?
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 your savings account via your linked bank account or Apple Cash balance. The money in your savings account is expected to earn interest over time.
For those who are interested, you will be able to transfer money from your savings account to a linked bank account, or alternatively to your Apple Cash card. And you can do it without paying any fees, which is great!
“Once set up, Apple Card users can watch their Wallet rewards grow through an easy-to-use savings dashboard that shows their account balance and interest accrued over time,” Apple notes. Savings accounts provided by Goldman Sachs Bank are available to Apple Card holders and co-owners.