IT House News on October 13th, Apple announced that it will expand its cooperation with Goldman Sachs to launch a new Apple Card feature. Apple mentioned in the press release that Apple Card users will be able to automatically deposit their DailyCash rewards into one of Goldman’s high-yield savings accounts, with no fees, minimum deposits or minimum balance requirements.
Apple says:
In addition to depositing DailyCash directly into savings accounts, AppleCard users can also deposit additional money through linked bank accounts or AppleCash balances.
Users can also deposit additional funds into a savings account on their own through a linked bank account or AppleCash balance, Apple said.
Users can also transfer funds to their linked bank account or AppleCash card at any time, with no fees.
Once set up, AppleCard users can clearly see the growth curve of their rewards in Wallet and see how their account balances have accumulated over time.
Apple hasn’t announced when the feature will go live, other than saying it will be available “soon,” and Apple hasn’t confirmed the exact percentage of interest on the savings account. For reference, the current Goldman Sachs online savings account has an annual yield of 2.15%, and the new savings account will only be open to Apple Card users, including owners and co-owners, specific terms were not disclosed.
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