Apple Card users will be able to open a high-yield savings account from Goldman Sachs and have their daily cash deposited into it with no minimum deposits or fees.
The savings account option will be available in the coming months, but Apple didn't say what the interest rate would be for Daily Cash balances.
The savings account will be managed through the Wallet app. If a user adds Daily Cash to their Apple Cash card after the account is set up, all Daily Cash will be deposited into it. At any time, users can change where their daily cash is sent.
2% Daily Cash is offered on purchases made with Apple Pay, and 3% Daily Cash is offered on purchases made with Apple Pay at select retailers. Apple Card users who take advantage of the savings account option would be able to earn interest on their daily cash over time.
Additional funds can be deposited into the savings account through a linked bank account or from their Apple Cash balance. Users will be able to withdraw funds from the savings account without paying any fees.
"Savings allows Apple Card users to grow their Daily Cash rewards over time, while also saving for the future," said Apple Pay chief. Savings offers another easy-to-use tool designed to help users lead healthier financial lives, while delivering even more value to users' favorite Apple Card benefit.
The Apple Card is only available in the US. There is a physical version of Apple's credit card that can be used at stores that don't accept payment with a credit or debit card. Only 1% of daily cash can be used for purchases with the physical Apple Card.
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