Apple Card users unlocked an exciting new feature today: a high-yield Savings account from Goldman Sachs that they can link to their cards, with an APY ten times higher than the national average. The Apple Card Savings account has an APY of 4.15 percent and a handful of other attractive features that may see a new spike in popularity for Apple’s credit card.
In addition to the top-notch APY, Apple Card’s Savings account has no fees, no minimum deposits, and no minimum balance requirements. (There is a maximum balance limit of $250,000, however.) Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, explained that this new feature aims to help card users “lead healthier financial lives” by making it easier for them to save.
“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place,” Bailey said in a statement about the new offering.
Those who already have Apple Cards will be familiar with one more aspect of what makes the Savings account attractive: the opportunity to put Daily Cash into an interest-generating account right away, rather than letting it accumulate in Apple Cash. Apple Card users earn cash back on every purchase as Daily Cash, between 1 and 3 percent cash back that used to automatically be added to an Apple Cash balance that could be used to pay for Apple Pay purchases or transferred to another account. Now, Apple Card users will automatically have their Daily Cash earnings added to their Savings account, where that cash back can start generating interest right away, as well as creating a simple, set-it-and-forget-it way to start saving money.
“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day,” Bailey added in her statement.
The option to put up to $250,000 in a Goldman-backed savings account with 4.15 percent APY could be the final push some needed to sign up for the card—and while Apple has already warned that that APY could change in the future, it’s a great deal to take advantage of while it lasts.