Apple and Goldman Sachs to launch savings account for Apple Card
Apple has partnered with Goldman Sachs to offer Apple Card users a new “high-yield” savings account to help customers save money and access rewards.
Due to launch “in the coming months”, the savings account will allow Apple Card users to deposit their “Daily Cash” rewards automatically with no fees, no minimum deposits and no minimum balance requirements. Users will be able to spend, send and save Daily Cash directly from their Apple Wallet.
Additionally, customers can also deposit funds into the savings account through a linked bank account or from their Apple Cash balance. They will also be able to withdraw funds at any time for no fees.
Daily Cash is Apple’s own cashback reward programme, wherein Apple Card users get 3% cashback on purchases from select merchants, 2% at other merchants and 1% on all other purchases, with no limits set on the amount of Daily Cash users can receive.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” says Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
Earlier this year, Apple Pay – the tech giant’s mobile payment service – surpassed Mastercard in terms of annual transactions, processing more than $6 trillion worth of transaction volume.