Last year, Apple announced that all Apple Card users can enjoy a new Savings account through which they can save their Daily Cash. The cash will be deposited in a high-yield Savings account from Goldman Sachs. This integration is now finally available in the US. Apple claims that this savings account will offer APY of 4.15 percent — a rate that’s more than 10 times the national average.
Users can have their Daily Cash automatically deposited into the saving accounts — with no fees, no minimum deposits, and no minimum balance requirements. Users can also deposit additional funds into their Savings account through a linked bank account, or from Apple Cash balance. When required, users can withdraw funds at any time, through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card, with no fees.
The maximum balance for this high-yield Savings account is $250,000. Also, Goldman Sachs can change the interest rate and APY at any time. You may deposit or withdraw funds from your Account into or from Apple Cash, but transfers must be at least $1.00 and can be no more than $10,000. You may transfer no more than $20,000 per rolling 7-day period. Goldman Sachs may place additional limits on the amount and frequency of transfers for the security of your Account.