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You'll soon be able to earn interest on the cash back from your Apple Card

Oct. 13, 2022
4 min read
Apple card
You'll soon be able to earn interest on the cash back from your Apple Card
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Apple's branded credit card does things differently from some of the traditional cards we cover at TPG. Instead of providing rewards in the form of loyalty points, the tech giant's Apple Card gives users cash back as part of what it calls Daily Cash.

Starting in the coming months, your cash back will be able to be automatically deposited into a new high-yield savings account from Goldman Sachs, Apple announced today.

How it will work

As you accrue interest, your available cash will grow over time, depending on the interest rate available when you sign up for an account.

APPLE

You'll be able to open this new savings account directly from your iPhone in a future iOS update. It will have no fees, no minimum deposits and no minimum balance requirements, according to Apple. Only Apple Card owners and co-owners will be eligible for this new savings account.

Neither Apple nor Goldman Sachs, which also issues the Apple Card, provided the interest rate for the new savings account, but I imagine we'll learn more about it as the account offering gets closer to launch. Right now, Goldman Sachs offers a 2.15% annual percentage yield for its high-yield savings accounts through Marcus.

APPLE

When this new feature launches, you'll be able to choose your preferred destination for your cash back directly in the Wallet app on your iPhone. If you choose a savings account, then you'll automatically start accruing interest on your Daily Cash with no additional steps or fees involved.

You can also top off this new savings account with additional funds from other sources in addition to your Daily Cash balance; this includes money from a linked bank account or from your Apple Cash balance.

Plus, you'll be able to withdraw funds at any time without any fees. Managing your savings account will be possible from a new savings dashboard that will include your account balance and interest accrued over time.

APPLE

With the Apple Card, there's no limit to the amount of cash back you receive, and the bonus categories are simple and easy to understand. You receive:

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  • 3% Daily Cash on purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil and Ace Hardware.
  • 2% Daily Cash when using Apple Pay at other merchants.
  • 1% Daily Cash on all other purchases.

Bottom line

Historically, cash back from the Apple Card went directly into the Apple Cash account that's linked to your device and Apple ID. From there, you could transfer the money into a linked bank account. From your bank account, you could invest the money as you see fit.

However, with Apple’s innovative new high-yield savings solution launching soon, it’ll be much more seamless to earn interest on your cash back. This new savings account partnership with Goldman Sachs will launch in the coming months in a future iOS update, and we'll be sure to update this story when more details are available.

This is the latest new feature to come to Apple's iOS Wallet experience. Earlier this year, Apple unveiled a new buy now, pay later option — dubbed Apple Pay Later — that'll become available for all iPhone users. This feature was originally supposed to debut with the release of iOS 16, but it's now coming in a future iOS update, according to Apple. With Apple Pay Later, you'll be able to split any Apple Pay purchase into four payments over six weeks with no interest or fees.

Featured image by WYATT SMITH/THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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TPG featured card

Best for the well-traveled foodie
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review
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Intro offer

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Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

Annual Fee

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Recommended Credit

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Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

There's a lot to love about the Amex Gold card. It's been a fan favorite during the pandemic because of its fantastic rewards rate on restaurants (that includes takeout and delivery in the U.S.!) and U.S. supermarkets. If you're hitting the skies soon, you'll also earn bonus points on travel. Paired with up to $120 in Uber Cash (for U.S. Uber rides or Uber Eats orders) and up to $120 in annual dining statement credits at eligible partners, there's no reason that the foodie shouldn't add this card to their wallet. Enrollment required.

Pros

  • 4x on dining at restaurants and U.S. supermarkets (on the first $25,000 in purchases per calendar year; then 1x)
  • 3x on flights booked directly with the airline or with Amex Travel
  • Welcome bonus of 60,000 points after spending $4,000 in the first six months

Cons

  • Weak on travel outside of flights and everyday spending bonus categories
  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber/food credits
  • Few travel perks and protections
  • Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
  • Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
  • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
  • $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
  • Choose the color that suits your style. Gold or Rose Gold.
  • No Foreign Transaction Fees.
  • Annual Fee is $250.
  • Terms Apply.
  • See Rates & Fees
Apply for American Express® Gold Card
at American Express's secure site
Terms & restrictions apply. See rates & fees
Best for the well-traveled foodie
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

4XEarn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S.
4XEarn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
3XEarn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • Intro Offer
    Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

    60,000 bonus points
  • Annual Fee

    $250
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent/Good

Why We Chose It

There's a lot to love about the Amex Gold card. It's been a fan favorite during the pandemic because of its fantastic rewards rate on restaurants (that includes takeout and delivery in the U.S.!) and U.S. supermarkets. If you're hitting the skies soon, you'll also earn bonus points on travel. Paired with up to $120 in Uber Cash (for U.S. Uber rides or Uber Eats orders) and up to $120 in annual dining statement credits at eligible partners, there's no reason that the foodie shouldn't add this card to their wallet. Enrollment required.

Pros

  • 4x on dining at restaurants and U.S. supermarkets (on the first $25,000 in purchases per calendar year; then 1x)
  • 3x on flights booked directly with the airline or with Amex Travel
  • Welcome bonus of 60,000 points after spending $4,000 in the first six months

Cons

  • Weak on travel outside of flights and everyday spending bonus categories
  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber/food credits
  • Few travel perks and protections
  • Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
  • Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
  • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
  • $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
  • Choose the color that suits your style. Gold or Rose Gold.
  • No Foreign Transaction Fees.
  • Annual Fee is $250.
  • Terms Apply.
  • See Rates & Fees