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.
To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees.
This is kind of a strange announcement:
Why announce this now when they don’t even know which month it will be available?
Why are they touting the main benefit as being able to earn 2–3% interest on the 2–3% rewards from Apple Card?
Is this a real Goldman Sachs bank account, e.g. that you could write checks from or set up for ACH, or does it only work with the Wallet app?
If you don’t sign up for the featured account, it sounds like you still have to manually transfer Apple Cash to your bank, which is a pain. Unless you do so regularly, so that Apple Cash stays empty, it’s harder to reconcile payments that you receive. When you initiate a withdrawal, it will auto-fill the sum of the payment and whatever Daily Cash you had accumulated. Transferring that means that the amount received on your bank statement won’t match the amount of the payment. To transfer the proper amount, you have to remember and retype the amount of the payment—because you can’t see both on screen at once, and neither the transaction screen nor the transfer screen supports copy/paste.