Apple U.S. has announced a new feature to Apple Card users. Daily Cash can now be deposited directly into a savings accounts instead of being deposited through the Apple Cash card. However, you’ll have to open a new savings account with Goldman Sachs, the financial institution that backs the Apple Card. (At the time of this writing, Apple’s announcement was made in the U.S. only.)
The new saving option is coming “in the coming months” according to an Apple U.S. press release. A Goldman Sachs high-yield savings bank account will be opened. Apple Wallet will offer a new option that allows you to transfer your Daily Cash Election to either the Apple Cash card for spending or the savings account. Daily Cash is automatically saved to the savings account. The user can change the choice at any moment.
Users will be able link their bank account to the Goldman Sachs Savings account to make transfers between them. Apple Wallet allows you to view the balance.
The press release states that the saving account has “no fees, no minimum deposits, and no minimum balance requirements,” but a footnote states that the Goldman Sachs savings account is available to Apple Card owners who meet the “eligibility requirements.” It’s not clear if the saving account is the same as Goldman Sachs’ Marcus Online Savings AccountCurrent interest rate for 2.15%
Users can ManuallyAlready transferred their Daily Cash to their bank account? To do so, open Wallet, select the Apple Cash card, then tap on the three dots menu in the upper right and choose “Transfer to Bank.”
With Apple Card, users can get 3 percent Daily Cash on Apple Pay purchases at select merchants, otherwise, it’s a 1 or 2 percent return. More information on Apple Card is available in our FAQ Apple Card.
