This week, Goldman Sachs updated its Apple Card customer agreement to reflect the upcoming Daily Cash savings account feature for the credit card, which was supposed to debut with iOS 16.1 but seems to have been postponed.
This week, an email sent to Apple Card holders states, “We are updating the Daily Cash Program section of your Apple Card Customer Agreement to enable new ways to use such as the upcoming Savings account feature, Daily Cash”.
Apple Card holders will soon be able to open a new Goldman Sachs high-yield savings account and have their Daily Cash cashback rewards automatically deposited into it. In addition, there will be no fees, minimum deposit requirements, or minimum balance requirements. Apple announced this capability in October. The iPhone’s Wallet app will be used to administer the account.
Although it was included in the release notes for the iOS 16.1 Release Candidate, the savings account did not go live with that version. It’s still being determined when the savings account will be made available as it has yet to appear in any iOS 16.2 betas, but Goldman Sachs is undoubtedly still laying the groundwork for the feature launch.
Unless a user continues having Daily Cash added to their Apple Cash balance, all Daily Cash received after that point will automatically be deposited into the account and begin earning interest. Additionally, apple Card offers 1% Daily Cash on purchases made with the physical card and 2-3% Daily Cash on purchases made with Apple Pay.
The Apple credit card, introduced in 2019, is only available in the United States. However, as part of a limited-time deal, customers who sign up for an Apple Card and use it to buy Apple products through December 25 will receive 5% Daily Cash.
