Now live: Earn over 4% APY interest on the cash back from your Apple Card

17 April 2023

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 points and miles, the tech giant’s Apple Card gives users cash back as part of what it calls Daily Cash.

And now, you can now earn interest on your Daily Cash as part of a new high-yield savings account from Goldman Sachs that launched on Monday, April 17, Apple has just announced.

The information for the Apple Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

How it works

As you accrue interest, your available cash will grow over time.

As of press time, the new savings account offers an annual percentage yield (APY) of 4.15% — on par with some of the top high-yield savings accounts available on the market today. Note that the interest rate can change at any time, but for now, Apple says that the rate is more than 10 times the national average.


If you’re running iOS 16.4 or later, you can now add new savings account directly from your iPhone. The account does not have any fees, minimum deposits or minimum balance requirements.

Only Apple Card owners and co-owners are eligible for this new savings account, but you can top off your savings account with additional funds from other sources in addition to your Daily Cash balance; this includes money from a linked bank account or your Apple Cash balance.


After you sign up for a savings account, you can choose your preferred destination for your cash back directly in your iPhone’s Wallet app.

If you choose a savings account, you’ll automatically start accruing interest on your Daily Cash with no additional steps or fees.

Plus, you can withdraw funds at any time without any fees. Managing your savings account is possible from a new savings dashboard that includes your account balance and interest accrued over time.


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:

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 connected to your device and Apple ID. From there, you could transfer the money into a linked bank account. Then, from your bank account, you could invest the money as you saw fit.

However, with Apple’s innovative new high-yield savings account, earning interest on your cash back is now much more seamless. Better yet, the interest rate is quite competitive — 4.15% APY as of time of writing.

This is the latest new feature to come to Apple’s iOS Wallet experience.

Last year, Apple unveiled a new buy now, pay later option — dubbed Apple Pay Later — available on a limited basis for iPhone users. This feature was originally supposed to debut with the release of iOS 16 in the fall, but it was only released as a preview a few weeks ago, with plans to offer it more broadly in the coming months.

With Apple Pay Later, you can split any Apple Pay purchase into four payments over six weeks with no interest or fees.

Read more: Our full review of the Apple Card

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