Apple’s Card Customer Agreement page has been updated to reflect the upcoming “Savings Account” feature. Goldman Sachs, the Apple Card issuer, made the update to enable the feature, which is expected to launch soon.
Apple Card holders have received emails about the new feature, which will allow them to use their Daily Cash rewards to open a high-yield savings account with Goldman Sachs.
The Savings Account feature automatically deposits the user’s Daily Cash rewards into a savings account with no minimum balance requirements, minimum deposits or fees. Users can manage their savings account through the Wallet app on their iPhone.
The launch date for the Apple Card Savings Account has not yet been announced, although it was originally expected to be available alongside iOS 16.1.
There is no further information on when the feature will be available, but once it launches, Apple Card users will be able to set up their accounts to transfer their Daily Cash rewards and start earning interest.