Apple Card users also get a high-yield savings account
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(Pocket-lint) – Apple today announced a new addition to the Apple Card that will allow people to put their everyday cash in a high-yield Goldman Sachs savings account.
This means that all Apple Card holders will be able to save their daily money and increase their rewards by placing it in the corresponding savings account, Apple said via press release.
Much like the Apple Card itself, the savings account will be backed by Goldman Sachs, which ensures that Apple doesn’t take care of the financial side of things. Instead, people will be able to benefit from its server-side software and features, including Wallet app integration. Once in service, the daily money received by a person will be automatically deposited into this savings account if they wish. Otherwise, she can turn it into Apple Cash in the same Wallet app.
As with any other savings account, Apple also says users can add their own funds. Funds can be added through a linked bank account or using their Apple Cash balance.
Apple says Apple Card customers get 3% daily cash back on purchases made using Apple Pay at Apple and other merchants including Uber, Uber eats, Walgreens, and more. Apple has yet to confirm how much interest people can expect to earn in interest, but a standard online savings account through Goldman Sachs earns 2.15%, giving Apple Card customers a figure. approximate to work on.
Apple has yet to confirm when the new savings account feature will go live, saying it will be “soon”.
Written by Oliver Haslam.