Apple announced last week that it was readying a new high-yield Savings account feature for Apple Card users, which automatically deposits Daily Cash into it — with no fees, no minimum deposits, and no minimum balance requirements.
With the launch of iOS 16.1 nearing, Apple has confirmed that Apple Card Savings accounts will be rolled out within the forthcoming update, giving Apple Card users the option to set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet
Daily Cash is Apple’s name for cash-back earned from purchases made using the Apple Card. When users buy something with Apple Card, they get a percentage of their purchase back in Daily Cash. There’s no limit to how much Daily Cash a user can get, and it automatically goes into their Apple Cash account, so it can be used just like cash.
Apple Card is only available in the US. Users can make purchases using their Apple Card with Apple Pay on their iPhone, iPad, Apple Watch, and Mac, or with the optional titanium Apple Card bank card, which features no printed card number or security code, making it the world’s most secure credit card.