The new update would enable Apple Card users to directly set up and manage savings in their wallets.
Apple Inc (NASDAQ: AAPL) is expected to launch a new savings account feature in the next few months. This will allow users to save their Daily Cash while they grow their rewards high-yield savings account from Goldman Sachs. According to the press release, this will be done with no fee, no minimum deposit, and no minimum balance requirement. This simply means that users will be able to spend, save, and send Daily Cash from their wallets.
This was explained in detail by Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future. Savings delivers even more value to users’ favorite Apple Card benefit – Daily Cash – while offering another easy-to-use tool designed to help users lead healthier financial lives,” she said.
The new update would enable Apple Card users to directly set up and manage savings in their wallets. When this is done, Daily Cash received will be deposited into it automatically. Also, users have the option to change the destination of their Apple Cash at any time. In addition, funds can be deposited into the Savings account from linked bank accounts or their Apple Cash balance.
With no charge involved, users can withdraw back their funds into their linked bank account or to their Apple Cash card. When users use Apple Pay with Apple and choose a merchant to make a purchase, they get 3% Daily Cash. These merchants include “Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware.”
However, when they use Apple Pay at other merchants, they get 2% Daily Cash. Users will also get 1% on all other purchases. Users have no limit in receiving Daily Cash according to the publication.
“Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase,” said Apple in the press release.
Apple is seeking to take advantage of the rising interest rate by embracing interest-bearing accounts. Goldman Sachs is also seeking to improve its consumer business with its partnership with Apple.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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