Apple Card Introduces High-yield Savings Account With 4.15% APY

If you’re an Apple Card user, you’ll soon be able to accrue interest on your cash-back thanks to a new high-yield savings account being launched by Goldman Sachs. The new savings accounts will have a very competitive interest rate and will be a great benefit to regular Apple Card users.

How the Apple Card Currently Functions

If you have an Apple Card, you’ll generate 3% cash-back when you use your card at Apple, ACE Hardware, T-Mobile, Nike, Uber Eats, Uber, Panera Bread, Walgreens, Exxon, and Mobil. You’ll earn 2% cash-back anywhere else you use Apple Pay, and you’ll earn 1% cash-back at any merchant where you use the physical card or type in the number. Receiving 3% cash-back is one of the highest cash-back amounts in the credit card industry, so you’ll benefit by taking advantage of that rate at one of the eligible merchants.

Normally, that cash-back simply gets deposited into a Daily Cash wallet which you can then use towards the balance on your card. It isn’t an actual bank account and doesn’t accrue any interest.

New Savings Account Functionality

Now, Apple Card users will benefit from a no-additional fee savings account with a 4.15% APY — a very competitive interest rate for savings accounts. Your rebated cashback will automatically deposit into that free high-yield savings account, allowing you to earn interest on your money. In addition, you’ll be able to deposit funds on your own and use it as a traditional savings account, depositing and withdrawing where necessary.

There are no additional fees, minimum deposits, or minimum balance requirements.

Through your iPhone, you’ll be able to track your balances, and automatically withdraw the cash or apply it to what you owe on the Apple Card.

Final Thoughts

It’s unique for a credit card to offer a free high-yield savings account for cash-back on purchases, and Apple is leading the way with this benefit. Not only can you earn up to 3% on cash-back at eligible merchants, but you’ll now also accrue interest on that savings, too!