Apple has recently joined forces with Goldman Sachs to add a high-yield savings account feature to its credit card. The Apple Card users will have a chance to automatically deposit their Daily Cash cashback rewards into the new savings account, expected to roll out in the next few months.
There will be no fees, no minimum balance, and no minimum deposits requirements for the account, offered by Goldman Sachs.
Users may also deposit their funds into their savings account via a linked bank account, or from their Apple Cash balance. Money can also be withdrawn at any given time to a linked Apple Cash card or bank account.
Once it is set up, Apple Card users can track their money in Wallet through a Savings dashboard, which displays their account balance and interest accrued over time. Notably, the interest rate is yet to be revealed.
The VP, Apple Pay and Apple Wallet, Jennifer Bailey, said:
“Savings delivers even more value to users’ favourite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help the users lead healthier financial lives.”
Goldman has been Apple’s partner on the Credit card project since its launch in 2019. Nonetheless, the tech behemoth has since made moves to guarantee independence in the financial services arena.
Buy Crypto NowAt the time, Apple had already been long-rumored to be using Goldman Sachs for the loans for its forthcoming BNPL play. Nevertheless, Goldman is just facilitating the service as the technical issuer of the loans and the official BIN sponsor, with Apple making the loans directly via a new subsidiary.
Earlier this week, Bloomberg reported that Goldman could be retreating from its recent push into retail banking. With the consumer business expected to lose $1.2 billion in 2022, the bank might pull the plug on digital lender Marcus, according to Bloomberg.
