On Monday, Apple partnered with Goldman Sachs to announced A new high-yield savings account for Apple Card users. You may be wondering what this means.
In a nutshell, you can now put your Daily Cash rewards (Apple’s name for the small cash back amounts you earn using the Apple Card) into your savings account with an annual yield (APY) of 4.15%. rice field.
This is a much higher rate than if you deposited your money in a regular savings account at a traditional bank. As a point of comparison, his APY at Bank of America is just 0.01%. But be careful. Apple states that APY is subject to change at any time.
More importantly, Apple will also let you add money to this high-yield savings account directly from your existing bank account. (If you’d like to deposit a large amount of change into your Apple high-yield savings account, we’d love to hear from you. Email us at pranav.dixit@buzzfeed.com.)
The move is the latest in Apple’s forays into financial services. Last month, Apple added his Apple Card for “buy now, pay later” service. This feature put the tech giant in competition with companies like Klarna and Affirm.
“Our goal is to build tools that help our users live healthier financial lives, and by incorporating Savings into Apple Card in Wallet, you can directly and seamlessly use, transfer, and use Daily Cash. Saving is all in one place,” said Jennifer Bailey, Apple VP of Apple Pay and Apple Wallet, in a statement.
This feature is currently only available in the US. Apple APYs not the best availableBut if you already have Daily Cash using your Apple Card, it’s easy to store it in your savings account, which you can access directly from your iPhone’s Wallet app.
