Apple has announced a partnership with Goldman Sachs to offer a no-fee, high-yield savings account for its Apple Card customers . This move underlines the tech giant’s ambitions to provide more financial products to its vast user base .
According to an Apple press release from October 13, 2022, the new high-yield savings account will allow Apple Card users to grow their Daily Cash rewards by automatically depositing them into the account, which will be managed by Goldman Sachs . The account will be available only to Apple Card users, and they can manage it through the Wallet app .
Apple has not revealed the exact interest rate for the new high-yield savings account, but it is expected to be competitive. Goldman Sachs’ current high-yield account from Marcus offers users a 2.15% interest rate annually, and there are other options that pay as much as 3.25% with more stringent requirements, such as a $500 minimum balance .
The high-yield savings account feature, which was discovered in the iOS 16.4 beta, is expected to launch “in the coming months” . This collaboration between Apple and Goldman Sachs highlights the growing relationship between technology and finance sectors as Apple continues to expand its offerings within the financial services industry .
As Apple pushes deeper into financial services, customers can expect more innovative financial products and collaborations in the future, aimed at providing added value and convenience to its users.