Apple Card introduces Saving account

Friday 14 October 2022 13:32 CET | News

Apple has announced a new account for Apple Card that will allow users to save and grow their rewards in a Savings account from Goldman Sachs.

In the coming months, Apple Card users will be able to open the new Savings account and have their Daily Cash automatically deposited into it – with no fees, no minimum deposits, and no minimum balance requirements. Soon, users can spend, send, and save Daily Cash directly from their wallet.

Apple Card users will be able to 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 choose to continue to have it added to an Apple Cash card in wallet. Users can change their Daily Cash destination at any time.

To expand Savings even further, 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.

What’s new about the Savings account?

Apple Card users get 3% Daily Cash on Apple Card purchases made using Apple Pay with Apple and selected merchants including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2% Daily Cash when they use Apple Pay at other merchants, and 1% on all other purchases. There is no limit to the amount of Daily Cash users can receive.

Apple announces a new account for Apple Card that will allow users to save and grow their rewards in a Savings account from Goldman Sachs.

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 simplifying the application process, eliminated fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.

Apple Card is a credit card created by Apple and issued by Goldman Sachs, designed to be used with Apple Pay on Apple any Apple.

Why are savings accounts important?

One of the biggest advantages of a savings account is that deposited funds accrue interest over time. Money kept in a non-interest earning bank account or in a home safe is missing out on valuable earning potential.

A savings account keeps your money a little less accessible so you’ll be motivated to save while keeping it in reach if you need it. While some savings accounts can be attached to debit cards or checks, they’re not typically used for everyday purchases. When your money is in a savings account, you can’t easily spend it on everyday purchases just by swiping a card, which can help you save.

Savings and other deposit accounts are important sources of funds that financial institutions use for loans. For that reason, you can find savings accounts at virtually every bank or credit union, whether they are traditional brick-and-mortar institutions or operate exclusively online.

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Keywords: product launch, e-wallet, credit card, merchants, banks
Categories: Payments & Commerce
Companies: Apple, Goldman Sachs
Countries: United States
This article is part of category

Payments & Commerce



Goldman Sachs

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