Apple Card users will be able to open the new savings account and have their Daily Cash automatically deposited into it “in the coming months”, Apple said.
There will be no fees or minimum deposits or balance requirements. Users will be able to spend, send and save Daily Cash directly from Wallet.
“Savings enables Apple Card users to grow their daily cash rewards over time, while also saving for the future,” explained Jennifer Bailey, Apple’s vice president of Pay and Wallet.
Apple is further expanding its personal finance ambitions for Card customers, which emerged with the launch of Apple Pay eight years ago.
Card users will be able to set up and manage savings directly in their Wallet mobile app. Then all future daily cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in wallet. This option can be switched at any time.
Users can also deposit additional funds into their savings account through a linked bank account or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees.
Apple did not disclose what the interest rate of the new product would be.
Apple’s credit card launched in August 2019 and is available only in the US. The Apple Card offers 1% cash back while Apple Pay, its contactless payment system, offers 2%.
Apple Card users get 3% daily cash on purchases made using Pay with Apple and select merchants, including Uber, Nike, and ExxonMobil.
Users also get 2% daily cash when they use Apple Pay at other merchants, and 1%on all other purchases.
Bailey said: “Savings delivers even more value to users’ favourite Apple Card benefit—Daily Cash”—while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Image source: Apple