Apple is teaming up with Goldman Sachs to bring forth a new savings account for holders of its Apple Card, one where iPhone users can put credit card rewards from Apple Card into, as well as save their Daily Cash and grow their rewards.
Apple made the announcement in a press release, adding that the fruits of this partnership will be made available in the coming months. Goldman Sachs, the multinational investment bank and financial services giant, will be in charge of administering the FDIC-insured account. The interest rate has not been mentioned, however, which is a cause for concern since interest rates have been skyrocketing amidst an economic downturn, rising inflation, and falling stock prices this year.
With this development, Apple is delving deeper into the banking space. Its ventures into the financial services sector include the Apple Card (a consumer credit card issued by Goldman Sachs that is accepted all over the world), Apple Pay (a payments network that lets users make payments seamlessly and one that is supported on Apple’s wide range of devices), and Apple Wallet (a digital wallet for users to safely store credit and debit cards, driver’s license, and others). Daily Cash refers to the cashback rewards that users earn every time they make purchases from their Apple Card.
“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. “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.”
Once the new, high-yield Savings account will roll out, holders of Apple Card will be able to deposit additional funds into it through a linked bank account or from their Apple Cash balance, as well as withdraw them at any time. No fees, minimum deposits, or minimum balances are required for users to have and operate the account, and once it is opened, all future Daily Cash received will be automatically deposited into it. If you do not want that, then you will have the option to add it to an Apple Cash card in Wallet, which will have a dashboard to show the account balance and interest accrued.
