Apple has cooperated with Goldman Sachs to add a high-yield savings account feature to its credit card
Apple has announced new high-yield savings account for Apple Card provided by Goldman Sachs. The feature is set to roll out in the next few months.
Therefore, Apple Card users will soon be able to automatically deposit their Daily Cash cashback rewards into the new savings account, There will be no fees, no minimum deposits, and no minimum balance requirements associated with the account.
Besides cashback, users can deposit extra funds into their savings account from a linked bank account or Apple Cash balance. Funds can be later withdrawn at any time.
A comprehensive Savings dashboard in Apple Wallet will show users their account balance and interest accrued over time. The interest rate has not yet been disclosed. To understand the potential, we may look at the high-yield savings account Goldman Sachs offers to its clients. For instance, the “Marcus” account for US customers currently provides a 2.35% APY rate.
Goldman Sachs has supported Apple on its credit card product since its launch in 2019. Besides, rumours were Apple would use Goldman Sachs as a provider of BNPL loans for the upcoming solution. However, as we can see the tech giant is striving to become an independent figure in the financial arena. Although Goldman does facilitate the BNPL service as the technical issuer and the official BIN sponsor, Apple provides direct loans through a new subsidiary.
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