Apple joins Goldman Sachs to launch high-yield savings accounts for users

San Francisco, Oct 14

In a bid to offer more banking services to its users, Apple has partnered with Goldman Sachs to launch a new savings account feature for its Apple Card credit cardholders.

Apple Card users will be able to grow their rewards in Apple Wallet by automatically depositing their Daily Cash into a new high-yield savings account from Goldman Sachs.

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, said the tech giant.

"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," Bailey said in a statement late on Thursday.

Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet.

Once users set up their savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet.

Users can change their Daily Cash destination at any time, said the company.

Apple Card users get 3 per cent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants.