First announced in October of last year, Apple’s new Goldman
Sachs savings account feature is now being launched to Apple card holders. The service
has been developed to facilitate the process of spending, sending, and saving
Daily Cash from one place. It offers a 4.15 annual percentage yield (APY) and
has no limits on minimum deposits and minimum balance.
Apple Card users can set up their savings account from Apple Card within the Wallet app. After that, they will be able to grow the cashback rewards they get using the card, via automatic deposition of Daily Cash into their savings account. Money from the Savings account can be withdrawn by accessing the dashboard in the Wallet app.
Additionally, users can put their own money into the savings
account through a linked bank account or from their Apple Cash balance.
Last month, Apple also launched its Pay Later service that allows
Apple card holders to pay back their purchases in four instalments over a six-week
period with no interest or fees. The company manages the financial functions
of Pay Later via Apple Financing LLC, its newly formed financial division.