Apple , in a statement on its blog, said that Apple Card users will be able to open a savings account shortly. With this savings account, Apple Card users will be able to accumulate daily cash and increase their rewards in Goldman Sachs’ high-yield savings account.
According to the shares, in the coming months, Apple Card users will be able to open a new high-yield savings account and automatically deposit their daily cash into this account. No fees, minimum deposit and minimum balance requirements will be offered for this. However, soon users will be able to spend, send and save daily cash directly from the Wallet. Users will be able to change their daily cash targets at any time.
Users will also have the ability to deposit additional funds into their savings account through a linked bank account or from their Apple Cash balances to further expand savings. Users will also be able to withdraw money at any time by transferring money to a linked bank account or Apple Cash card at no cost. Apple Card users will also be able to track the status of their rewards through an easy-to-use savings dashboard that displays their account balance and accrued interest over time.
Similar innovations to this feature of Apple have recently appeared on other platforms. PayPal recently added a savings account with a 2.45 percent annual return, and Robinhood tested similar features. At this point, it should be noted that Apple does not say what interest rate it offers.
