Setup and managed directly from Apple Card in Wallet, the account will also offer users a high-yield annual percentage yield (APY) of 4.15%, which is more than 10-times the national average including no fees, minimum deposits and minimum balance requirements, Apple said.
Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said "Savings helps our users get even more value out of their favorite Apple Card benefit."
"Our goal is to build tools that help users lead healthier financial lives, and building savings into Apple Card in Wallet enables them to spend, send, and save daily cash directly and seamlessly — all from one place," she added.
Once a savings account is set up, all future daily cash earned by the user will be automatically deposited into the account. The daily cash destination can also be changed at any time, and there’s no limit on how much daily cash users can earn.
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To build on their savings even further, users can deposit additional funds into their savings account through a linked bank account, or from their Apple Cash balance, according to a statement from Apple.
The new Goldman Sachs account will also build upon the financial health benefits that Apple Card already offers, with no fees and daily cash on every purchase.