In a press release(opens in new tab) the company stated that the new Savings account will let users save their Daily Cash and grow their rewards.
The new Savings account will be rolled out "in the coming months" and 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, minimum deposit, or minimum balance requirements.
Apple Card Savings
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. You'll be able to set up and manage Savings in the Wallet app for iPhone and can choose to automatically deposit all of your Daily Cash, as well as topping up the savings account with your own money. Savings customers will also be able to withdraw and send money directly from the Apple Savings account.
Daily Cash comes from purchases made using Apple Pay at Apple and other select merchants, with up to 3% on offer at some vendors such as Nike Uber, and more.
Apple has not said what the precise rate of the new savings account will be beyond "high-yield." Goldman's current high-yield account from Marcus gives users 2.15% interest annually, however there are options that pay as much as 3.25% with more stringent requirements such as a $500 minimum balance.