As of today, Apple Card users have the option to increase their Daily Cash rewards by opening a Savings account with Goldman Sachs, which provides them with an annual percentage yield (APY) of 4.15% — a rate exceeding the average bank account by more than 10 times.
The account comes with no fees, minimum deposits, or minimum balance requirements, making it convenient for users to set up and manage directly from their Apple Card in Wallet.
Jennifer Bailey, the Vice President of Apple Pay and Apple Wallet, explained that the Savings feature helps Apple Card users to further maximize their Daily Cash benefits while also providing a simple means of saving money on a regular basis.
According to Bailey, Apple is dedicated to creating tools that promote healthier financial habits for users.
After setting up a Savings account, any Daily Cash earnings that accrue in the future will be deposited automatically into the account. It is possible to change the destination for Daily Cash at any point, and there are no restrictions on the amount of Daily Cash that users can earn.
Users may also boost their savings by depositing extra funds into their Savings account, either from a linked bank account or from their Apple Cash balance.
While those unfamiliar with bitcoin might consider this a great opportunity, bitcoin holders could argue otherwise. Although the price of bitcoin can fluctuate greatly in the short term, historically, it has always appreciated in value over the long term. For example, in 2020 alone, the price of bitcoin increased by over 300%, while the APY of such an account would remain at a fixed rate of 4.15%.