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Apple in the US on Thursday announced a new feature for Apple Card users that allows Daily Cash to be deposited directly into a savings account instead of an Apple Cash card. However, you will have to open a new savings account with Goldman Sachs, a financial institution that supports the Apple Card. (At the time of this writing, Apple’s announcement has only been made in the US.)
According to a press release from Apple in the US, the new save option is coming “in the coming months.” Once you open a Goldman Sachs High Yield Savings Account in Apple Wallet, a new option will appear that allows you to assign the Daily Cash Election to an Apple Cash Spending Card or Savings Account. If set to Savings, all collected daily cash goes into a savings account. Users can switch selections at any time.
Users will be able to link a bank account to a Goldman Sachs savings account and transfer funds between them. And the balance can be viewed through Apple Wallet.
The press release says the savings account has “no fees, no minimum deposits, and no minimum balance requirements,” but a footnote says the Goldman Sachs savings account is available to Apple Card holders who meet “eligibility requirements.” It is not clear if the savings account is the same as the Goldman Sachs Marcus Online Savings Account, which currently has an interest rate of 2.15%.
Users can manually already transfer your Daily Cash to your bank account. To do this, open Wallet, select your Apple Cash card, then click on the three-dot menu in the upper right corner and select Transfer to Bank.
With the Apple Card, users can get 3 percent cash daily on Apple Pay purchases at select stores, otherwise it’s a 1 or 2 percent cashback. For more information about the Apple Card, see the Apple Card FAQ.