The cash-back rewards earned by Apple Card users can be automatically transferred into a savings account from Goldman Sachs, the same bank that backs the credit card. Saving money will earn interest over time.
Customers who use Apple‘s credit card receive a percentage of their purchases back. It’s called Daily Cash, and it’s added to a customer’s Apple Cash account every day. It is usually 1% or 2% of the purchases.
People are apparently letting their money accumulate, and Apple and Goldman Sachs are allowing them to earn interest on it by providing the option to deposit Daily Cash directly into a savings account.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s VP of Apple Pay and Apple Wallet. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Apple Card users can set up and manage Savings via the iPhone‘s Wallet app. All future Daily Cash received will be deposited into the account automatically. Additionally, funds from their Apple Cash balance or a linked bank account can be added.
Users can withdraw funds at any time by transferring them to a linked bank account or their Apple Cash card, according to Apple. These transfers are free of charge. To be clear, this is an additional service. Users can choose to have Daily Cash added to an Apple Cash card in Wallet instead.
Apple didn’t disclose any details in their press release on Thursday about when the Savings account will be available.
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