Apple has joined forces with Goldman Sachs to add a high-yield savings account feature to its credit card.
Apple Card users will be able to automatically deposit their Daily Cash cashback rewards into the new savings account, set to roll out in the next few months. There will be no fees, no minimum deposits, and no minimum balance requirements for the account, provided by Goldman Sachs.
Users can also deposit funds into their savings account through a linked bank account, or from their Apple Cash balance. Funds can also be withdrawn at any time to a linked bank account or Apple Cash card.
Once set up, Apple Card users can keep track of money in Wallet through a Savings dashboard, which shows their account balance and interest accrued over time. The interest rate has not yet been revealed.
Jennifer Bailey, VP, Apple Pay and Apple Wallet, says: “Savings delivers even more value to users’ favourite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Goldman has been Apple’s partner on the credit card since its launch in 2019. However, the tech giant has since made moves to ensure independence in the financial services arena.
Apple was long-rumoured to be using Goldman Sachs for the loans for its upcoming BNPL play. However, Goldman is only facilitating the service as the technical issuer of the loans and the official BIN sponsor, with Apple making the loans directly through a new subsidiary.
This week, Bloomberg reported that Goldman could be retreating from its recent push into retail banking. With the consumer business set to lose $1.2 billion this year, the bank may pull the plug on digital lender Marcus, says Bloomberg.
