Apple has launched a new savings account for Apple Card users that lets them save their Daily Cash rewards and grow them in a high-yield Goldman Sachs account.
Apple will make the program available to card members in the coming months, allowing them to have their Daily Cash deposited automatically into their accounts with no fees, minimum deposits or minimum balance requirements, according to a Thursday (Oct. 13) news release. Eventually, they’ll be able to spend, send and save Daily Cash directly from the Apple Wallet.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Apple Vice President of Apple Pay and Apple Wallet Jennifer Bailey in the release. “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.”
Once users create their savings account, any future Daily Cash they receive will automatically get deposited into it or added to an Apple Cash card in Wallet if they choose, the release stated.
Apple Card users get 3% Daily Cash on Apple Card purchases made via Apple Pay with Apple and other merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil and Ace Hardware, according to the release. There is no limit to the amount of Daily Cash card members can receive.
The announcement came the same day new data from the U.S. Department of Labor showed that consumer inflation’s growth rate is easing, but not by much.
Read more: Staying Current on Credit Cards Forces Hard Spending Choices
As PYMNTS noted Thursday, increasing rate hikes by the Federal Reserve could put more burden on consumers as debt becomes more expensive. But despite this unprecedented pressure, consumers value credit and do not want to risk falling behind on credit card debt.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More