Apple Launches High Interest Savings For Apple Card Users Via Apple Wallet

Apple launched the Apple Card Savings feature (photo: Apple)

JAKARTA - Apple launched Apple Card Savings, a high interest savings account feature for Apple Card users in the United States (US), up to 4.15 percent, available through the Apple Wallet app.

This feature allows Apple Card users to open a high interest savings account from Goldman Sachs on their Wallet app on their iPhone and start getting interest from their daily Cash balance.

Interestingly, this savings account has no fees, no minimum deposits, and also no minimum balance requirements.

Users can also get interest on personal funds deposited into savings accounts through linked bank accounts, or from their Apple Cash balances.

"Starting today, Apple Card users can choose to increase their daily cash prizes with a Savings account from Goldman Sachs, which offers a high APLY of 4.15 percent, a tariff that is more than 10 times the national average", Apple said in its announcement quoted on Tuesday, April 18.

With this feature, the tech giant also claims that users will have easier ways to save money every day.

Our goal is to create tools that help users live a healthier financial life, and combine savings into the Apple Card on the Wallet allow them to spend, send, and store Daily Money directly and smoothly all from one place," Jennifer Bailey, Apple vice president for Apple Pay and Apple Wallet.

To open a savings account in the Wallet application, users only need to click on the Apple Card, then tap on the circle with three points at the top of the screen, then tap on the Daily Cash, and select Set Savings.

Once the account is set, all the Daily Money received from then on will be deposited automatically into it and start getting interest. If you want, you can also choose to add Daily Cash to their Apple Cash balance at any time.

Apple Card Savings requires an iPhone with iOS 16.4 or later and is available to US residents aged 18 years or older.