Apple has partnered with the investment banking company, Goldman Sachs Group, to offer a high-yielding savings account to Apple Card users.
Apple has been working on expanding the services aspect of its business, and it’s yielding results. Services already account for over 20 percent of the company’s revenue — up from less than 10 percent in 2015. However, the tech giant doesn’t seem to be slowing down.
According to a recent report, Apple and Goldman Sachs will team up to offer a high-yielding savings account to Apple Card users. As a result, iPhone users will soon be able to spend, send, and save daily cash directly from their Wallet app.
Apple wrote in its press release:
“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.”
So how will the new account work?
Get Daily Cash Rewards While Saving for the Future
First, users must set up and manage their savings directly in the Apple Card using the Wallet app. After setting up the savings account, users can now deposit Daily Cash directly into the savings account instead of the Apple Cash Card.
You can also link a bank account to the new account to expand your savings or withdraw your funds anytime.
With Apple’s new savings account offering, Apple Card users can quickly generate interest on their cash back. However, the interest can vary between 1 to 3 percent depending on the type of transaction.
That said, Apple and Goldman Sachs did not announce an interest rate on the new savings account offering.
However, the investment banking company currently gives users an annual yield of 2.15 percent on Marcus — its existing savings account. So The new savings account might offer a similar interest rate.
“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.
