Following the soft launch of Apple Pay Later, Apple may soon introduce the Apple Card Savings account. A recent tweet by Aaron suggests that the Savings account is nearing its release, as it has been spotted on the backend.
Historically, Apple has swiftly rolled out new features once they appear on the backend. This was the case with Apple Pay Later, which was launched the day after its backend appearance. Therefore, it’s possible that the Apple Card Savings account feature could be unveiled anytime soon.
How does the Apple Card Savings account work? What is it?
Apple Card users can expect to enjoy an additional benefit soon – the ability to earn higher yields on their Daily Cash rewards. This will be made possible through a new Savings account from Goldman Sachs that can be automatically linked to the Wallet. According to Apple, the Savings account will not charge any fees or require any minimum deposits or balances.
By using Savings, Apple Card users can seamlessly save and spend their Daily Cash from the Wallet, while earning interest on their accumulated balance over time. Jennifer Bailey, the Vice President of Apple Pay and Apple Wallet, emphasized that Savings is designed to promote financial well-being by providing users with an easy-to-use tool for growing their Daily Cash rewards and saving for the future. Overall, the launch of Savings is expected to enhance the appeal and value of the popular Apple Card benefits.
Once a user links their Savings account, any future Daily Cash rewards earned on their Apple Card will be automatically deposited into it. Alternatively, users can choose to have their Daily Cash added to an Apple Cash card in their Wallet. Apple notes that this setting can be easily adjusted at any time to meet the user’s preferences.
In addition to automatic deposits, Apple Card users can also choose to deposit additional funds into their Savings account. This can be done through a linked bank account or from their existing Apple Cash balance.
The release of the Savings account feature coincides with Apple’s expansion of its financial offerings, including Apple Pay Later, which allows users to make purchases and pay them back over time, interest-free. Additionally, Apple Card users can enjoy 3% Daily Cash rewards on purchases made using Apple Pay with Apple and select merchants, further enhancing the value of the popular credit card.