After rumors that the high-yield Daily Cash savings account announced last year would finally launch, Apple has announced that the new Apple Card feature will be available to all users starting today. The account, offered in partnership with Goldman Sachs, will have an impressive annual percentage yield (APY) of 4.15%.
The savings account, that will be reportedly going live at 1 p.m. ET, is set up and accessed via Apple Card in the Wallet app. Any daily money earned is automatically deposited into savings, and users can also deposit money from a linked bank account. The destination of the Daily Cash can be changed by the user at any time, and there is no limit to the money earned, but according to the accounts agreement available onlinethe maximum balance allowed is $250,000.
Users can get savings account information (such as balance, transaction history, APY) through the savings dashboard in the Wallet app. There are no commissions, minimum deposits and minimum balance requirements. Money can be withdrawn at any time, via transfers to a linked bank account or a transfer to Apple Cash
“Savings helps our users get even more value from their favorite Apple card, Daily Cash, by providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. a press release. “Our goal is to build tools that help users lead healthier financial lives, and the integration of Savings in Apple Card into Wallet allows them to spend, send and save Daily Cash directly and seamlessly, all from one place” .
High-yield savings accounts are growing in popularity, offering interest rates much higher than standard savings – Apple’s rate is 10 times the national average of 0.37%, but in line with other high-yield savings . The rates of other institutions range from 3% to 4.25% and above, but there may be restrictions that the account holder must comply with, such as maintaining a minimum balance or limits on withdrawals. Apple Savings doesn’t have many of these restrictions.
Apple Savings is the company’s latest financial service. In March, Apple launched the Apple pays later program in the United States, a service that splits the cost of a purchase into four equal payments. Interest or fees are not charged unless a payment is late.
