Apple Card users will be able to set up, manage and monitor their savings account through the Wallet app in the coming months. The account will have no fees, no minimum deposits, and no minimum balance requirements.
Users will be able to deposit funds into and withdraw from their savings account through a linked bank account or their Apple Cash balance.
Apple Card users also get cashback on purchases from select merchants such as Uber and Uber Eats, Walgreens, Nike, T-Mobile, and ExxonMobil.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future. Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives,”
said Jennifer Bailey, Vice President of Apple Pay and Apple Wallet at Apple.
This article first appeared on Fintech News Switzerland.