Apple Card to Add Savings Account Feature

Apple Card users will soon be able to open a high-yield savings account with the credit card.

Apple is partnering with investment bank Goldman Sachs to launch the savings account feature, so that Apple Card users can gain interest on their cash back savings, also known as Daily Cash.

“In the coming months, Apple Card users will be able to open the new high-yield Savings account and have their Daily Cash automatically deposited into it—with no fees, no minimum deposits, and no minimum balance requirements,” Apple said in Thursday’s announcement.

The Apple Card offers 3% cash back on purchases at Apple, as well as for select services, along with 2% on most other purchases. The credit card also works directly from an iPhone as a virtual credit card.

Apple didn't reveal a high-yield savings account rate; Apple didn't immediately respond to a request for comment. But the savings can go beyond cash back rewards. Importantly, users will be able to deposit additional funds to the savings account from a linked bank account or from an existing balance over Apple Cash, the company’s answer to Venmo.

In addition, the funds in the savings account can be withdrawn at any time, with no fees. “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,” Apple added. “Users can change their Daily Cash destination at any time.”

All the savings can also be easily monitored via the Apple Card in the Apple Wallet app.

About Our Expert

Michael Kan

Principal Reporter

My Experience

I've been a journalist for over 15 years. I got my start as a schools and cities reporter in Kansas City and joined PCMag in 2017, where I cover satellite internet services, cybersecurity, PC hardware, and more. I'm currently based in San Francisco, but previously spent over five years in China, covering the country's technology sector.

Since 2020, I've covered the launch and explosive growth of SpaceX's Starlink satellite internet service, writing 600+ stories on availability and feature launches, but also the regulatory battles over the expansion of satellite constellations, fights with rival providers like AST SpaceMobile and Amazon, and the effort to expand into satellite-based mobile service. I've combed through FCC filings for the latest news and driven to remote corners of California to test Starlink's cellular service.

I also cover cyber threats, from ransomware gangs to the emergence of AI-based malware. In 2024 and 2025, the FTC forced Avast to pay consumers $16.5 million for secretly harvesting and selling their personal information to third-party clients, as revealed in my joint investigation with Motherboard.

I also cover the PC graphics card market. Pandemic-era shortages led me to camp out in front of a Best Buy to get an RTX 3000. I'm now following how the AI-driven memory shortage is impacting the entire consumer electronics market. I'm always eager to learn more, so please jump in the comments with feedback and send me tips.

The Best Tech I've Had:

My first video game console: a Nintendo Famicom
I loved my Sega Saturn despite PlayStation's popularity.
The iPod Video I received as a gift in college
Xbox 360 FTW
The Galaxy Nexus was the first smartphone I was proud to own.
The PC desktop I built in 2013, which still works to this day.

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