Once the account has been set up, users can accrue Daily Cash rewards in the form of Apple Cash, or funds mature in the Savings Account. However, a Savings account tied to spendings from a self-branded, single-service credit card doesn’t make a lot of sense. Apple knows that all too well, which is why the company will let you transfer money from your existing bank account to Apple’s Savings account.
It will be a two-way process though, thankfully. Apple will allow users to deposit money in their Savings Account from another linked bank account, and will also let them withdraw or transfer it without having to pay any transaction fee. For folks that sign up for the Apple Savings accounts, they will be able to keep a tab on their interest-fuelled financial growth via a dedicated Savings dashboard.
Notably, Apple won’t say what exactly “high-yield” stands for in terms of interest rate, though. The company reportedly told CNBC that the interest rates will be “competitive” the same for all users regardless of their spending history. As far as availability goes, so far, we only know that the Savings Account feature will be rolled out in the coming months.
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