Wednesday, August 2, 2023 2:25 pm1 Comment

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Launched in April, Apple Card’s high-yield Savings account by Goldman Sachs has seen more than $10 billion in deposits.

On Wednesday, Apple announced that Apple Card’s high-yield Savings account offered by Goldman Sachs has reached over $10 billion in deposits from users since launching in April. Savings enables Apple Card users to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent.

“With each of the financial products we’ve introduced, we’ve sought to reinvent the category with our users’ financial health in mind. That was our goal with the launch of Apple Card four years ago, and it remained our guiding principle with the launch of Savings,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. “With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day, and we’re thrilled to see the excellent reception from customers both new and existing.”

Since the launch of Savings, 97 percent of Savings customers have chosen to have their Daily Cash automatically deposited into their account, enabling users to easily establish and continue cultivating healthy savings habits. There is no limit on how much Daily Cash users can earn, and to build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.

The Savings account from Goldman Sachs builds on the financial health benefits that the award-winning Apple Card already offers. Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees,4 encouraging users to pay less interest, providing the privacy and security users expect from Apple, and offering Daily Cash on every purchase.

“We are very pleased with the success of the Savings account as we continue to deliver seamless, valuable products to Apple Card customers, with a shared focus on creating a best-in-class customer experience that helps consumers lead healthier financial lives,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships, in a statement.

Apple Card users can easily set up and manage Savings directly in their Apple Card in Wallet.

Users can easily set up and manage their Savings account directly from Apple Card in Wallet. To get started, after accessing Apple Card from the Wallet app, users can tap More, select Daily Cash, tap Set Up Savings, and follow the onscreen instructions.

Once set up, users will also have access to an easy-to-use Savings dashboard in Wallet where they can conveniently track their account balance and interest earned over time. Additionally, they can withdraw funds through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash account.

MacDailyNews Take: Here’s how Apple Card users can easily set up a Savings account from Goldman Sachs:

1. On your iPhone, open the Wallet app and tap Apple Card.
2. Tap the More button the more button, then tap Daily Cash.
3. Tap Set Up next to Savings, then follow the onscreen instructions.

More info about how to set up and use Savings in Apple Wallet here.

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