After rumors that the high-yield Daily Cash savings account announced last year would finally be launching, Apple has announced that the new Apple Card feature will be available for all users beginning today. The account, which is offered in partnership with Goldman Sachs, will have an impressive annual percentage yield (APY) of 4.15 percent.
The savings account is set up and accessed through the Daily VCash section of the Apple Card in the Wallet app. Any Daily Cash that is earned is automatically deposited into savings, and users can also deposit money from a linked banked account. The Daily Cash destination can be changed by the user at any time, and there is no limit as to the money earned, but according to the accounts agreement available online, the maximum balance allowed is $250,000.
Users can get information on the savings account (such as balance, transaction history, APY) through the Savings dashboard in the Wallet app. There are no fees, no minimum deposits, and no minimum balance requirements. Money can be withdrawn at any time, though transfers to a linked bank account or a transfer to Apple Cash
“Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash–while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a press release. “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly–all from one place.”
High-yield savings accounts are becoming increasingly popular, offering much higher interest rates than standard savings–Apple’s rate is 10 times the national average of 0.37 percent but in line with other high-yield savings. Rates from other institutions range from 3 percent to 4.25 percent and higher, but there can be restrictions that the account holder has to abide by, such as maintaining a minimum balance or limits on withdrawals. Apple Savings doesn’t have many of these restrictions.
Apple Savings is the latest financial service from the company. In March, Apple started the Apple Pay Later program in the U.S., a service that splits the cost of a purchase into four equal payments. Interest or fees are not charged unless a payment is late.
Author: Roman Loyola, Senior Editor
Roman has covered technology since the early 1990s. His career started at MacUser, and he's worked for MacAddict, Mac|Life, and TechTV.