Since its launch in April, Apple Card’s high-yield Savings account, offered by Goldman Sachs, has already seen more than $10 billion in deposits. This staggering uptake demonstrates a growing consumer interest in the intersection of finance and technology, solidifying Apple’s foothold in the fintech space.
Apple Card users can grow their Daily Cash rewards within the high-yield Savings account, which offers a competitive 4.15 percent APY. According to Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, the goal has always been to reinvent the financial products category with users’ financial health in mind. “With no fees, no minimum deposits, and no minimum balance requirements, Savings provides an easy way for users to save money every day,” Bailey said.
Interestingly, 97 percent of Savings customers have chosen to have their Daily Cash automatically deposited into their account, promoting healthier savings habits. There is no limit on how much Daily Cash users can earn, and they can deposit additional funds into their Savings account through a linked bank account or their Apple Cash balance.
The Savings account bolsters the financial health benefits of the Apple Card, which has already made waves in the credit card industry. The award-winning Apple Card, accessible within Wallet on iPhone, simplifies the application process, abolishes all fees, encourages users to pay less interest, ensures users’ privacy and security, and offers Daily Cash on every purchase. Liz Martin, Goldman Sachs’s head of Enterprise Partnerships, expressed her satisfaction with the success of the Savings account, underscoring a shared focus on customer experience and healthier financial habits.
Setting up and managing the Savings account is a breeze, achievable directly from Apple Card in Wallet. Users can follow the simple onscreen instructions to get started, after which they have access to an easy-to-use Savings dashboard in Wallet, enabling them to track their account balance and interest earned over time. Withdrawal of funds is equally straightforward and can be accomplished through a transfer to a linked bank account or an Apple Cash account.
The Apple Card, introduced in August 2019 and issued by Goldman Sachs Bank USA in partnership with Mastercard, has significantly disrupted the credit card industry. It offers Daily Cash rewards, no annual fee, and no late fees, transforming the user experience into a seamless, interactive financial journey. It provides a three-tier rewards program, with 3% Daily Cash back on Apple purchases, 2% on purchases made with Apple Pay, and 1% on all other purchases. Daily Cash is deposited into users’ Apple Cash card daily, a peer-to-peer payment service that allows transactions between Apple users and enables purchases in stores that accept Apple Pay.
Users can apply for an Apple Card online or via the Apple Wallet app. Once approved, they receive a titanium card with no embossed numbers, ensuring heightened security. The built-in app further empowers users to manage their card, track spending, and view Daily Cash rewards, cementing Apple Card’s reputation as a secure and easy-to-use credit card.
The success of Apple Card’s high-yield Savings account reinforces Apple’s successful foray into fintech, as it continues to redefine user expectations, promote financial health, and deliver unrivaled user experiences.