Apple Card users will soon be able to take advantage of a high-yield savings account through a new deal between Apple and the investment bank Goldman Sachs.
- On Thursday, Apple announced its latest expansion into the world of consumer finance in the form of a new partnership with the investment bank Goldman Sachs. Apple Card users will be able to put their “Daily Cash” or cash rewards into the savings account.
- Currently Apple Card users earn up to 3% cash back on all purchases.
- “In the coming months, 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, no minimum deposits, and no minimum balance requirements. Soon, users can spend, send, and save Daily Cash directly from Wallet,” the company said in a press release.
Why it’s news
Apple’s partnership with the investment banking company is its newest excursion into the world of personal finance.
Earlier this year, the company announced Apple Pay Later. The buy now, pay later program gives users the option to spread payments on purchases across multiple payments, often without added interest.
The announcement of Apple’s partnership with Goldman Sachs expands their investment in the finance sector. Apple Card holders will be able to link the bank account to their Apple Cash balance, transferring money between the two with ease.
Daily Cash rewards that card holders earn can automatically be deposited into the accounts, giving users the option to grow their savings.
Users can manage the accounts from Apple Wallet.
Though Apple and Goldman Sachs didn’t release an interest rate on the savings account, Goldman’s current savings account Marcus gives users 2.15% annual percentage yield.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future. Savings delivers even more value to users’ favorite Apple Card benefit—Daily Cash—while offering another easy-to-use tool designed to help users lead healthier financial lives,” says vice president of Apple Pay and Wallet Jennifer Bailey.