Apple has officially launched the Apple Card Savings Account, an integration for the Wallet app that was first announced in October. The account boasts an impressive annual percentage rate (APY) of 4.15%, which is more than 10 times the national average. There are no fees, minimum deposits, or balance requirements.
With the Apple Card Savings Account, users can automatically deposit their Daily Cash rewards into the account. This means that as you earn Daily Cash with your Apple Card, the money can be automatically deposited into the high-yield savings account in the Wallet app. Apple Card offers 3% Daily Cash rewards for purchases made from Apple, 2% for purchases made using Apple Pay, and 1% for all other purchases. Additionally, users can earn 3% Daily Cash back when making purchases with Apple Pay at select retailers, including Ace Hardware, Exxon, Nike, T-Mobile, Uber Eats, Duane Reade, Mobil, Panera Bread, Uber, and Walgreens.
Users can track the balance of their high-yield savings account directly in the Wallet app, where a new “Savings Account” button has been added to the Apple Card interface. Tapping on it will show a list of transactions and a chart displaying the account’s growth. Users can also deposit additional money into the account using a linked bank account or their Apple Cash balance. Withdrawals can be made easily to a bank account.
The Apple Card Savings Account is operated in partnership with Goldman Sachs, which is also Apple’s partner for the Apple Card itself. The 4.15% APY offered by the account beats many other high-yield savings accounts on the market, including the Marcus savings account offered by Goldman Sachs directly. While there are some options that outperform the Apple Card Savings Account, such as Citizens Bank, Synchrony, Wealthfront, LendingClub, and some credit unions, they often require minimum deposits.
Interested users can sign up for the Apple Card Savings Account starting today in the Wallet app by tapping on the three dots in the upper-right corner of the Apple Card interface and then selecting “Daily Cash.” The account is expected to fully roll out around 1 p.m. EDT/10 a.m. PDT.
