During October of the previous year, Apple surprised us with a new proposal for the Apple Card: Savings. As its name already indicates, it is about a savings account linked to Goldman Sachs with which you can receive or transfer money.
Considering that the vast majority of banks offer the option of having your own savings account, Apple had to manage to distance itself from its competition. Therefore, it has a number of attractive features to attract customers.
For example, the Apple Card savings account It does not require a minimum amount to continue operating. Even more important, there are no charges for the use of it nor are you required to make a minimum deposit.
Apple is rarely the company that makes the first move, but they always try to be the best. With the Apple Card savings account is no exception. From the beginning, those led by Tim Cook set themselves the goal of making account management simple and intuitive.
For starters, the initial setup of the savings account is pretty quick. In fact, you do not need to attend or call the bank. From the Wallet application, just press the button with the three dots, then select “Daily Cash” and, finally, enter “Savings”.
Once the setup process is complete, the savings account will be visible in Wallet. From there you can check your daily balance and deposits. Those of Cupertino indicate that all cash that you deposit in your Apple Card can be automatically directed to the savings account if you wish. Now, if you need to transfer that money to an Apple Cash card, you can still do it.
Note, the transfer is not limited to your cards or accounts linked to Wallet. You can make transfers from your savings account to any other financial institution without hidden charges.
Another of the main novelties of the Apple Card savings account is the possibility of receive rewards for your purchases through the Daily Cash program. When you make purchases on participating products and services, you receive a percentage that will be automatically added to your savings.
Finally, you should keep in mind that the savings account allows you to store a maximum of $250,000 dollars. For higher amounts, it is recommended to seek other solutions at the financial institution (Goldman Sachs).
The bad news remains, of course, that Apple Card is only available in the United Statesand it doesn’t look like the company is going to launch it in other territories any time soon.