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Apple partners Goldman Sachs on savings account

By Ross Henry Law

Apple has announced a high-yield savings account for Apple Card developed by Goldman Sachs.

Apple Card users will soon be able to open ‘Savings’ and have their Daily Cash rewards – three per cent cash returns when users buy something using Apple Card at participating retailers – automatically deposited into it.

The new service comes with no fees, minimum deposits, or minimum balance requirements. And there is no limit to the amount of Daily Cash users can receive.

Apple users will also have the option to deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Once set up, a Savings dashboard shows users their account balance and interest accrued over time.

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. “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.”

Apple and Goldman Sachs began a partnership on credit cards in 2019 and the financial services company launched its consumer bank in 2016.

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