Apple has announced an expansion of its relationship with Goldman Sachs for a new Apple Card feature. In a press release, Apple says that Apple Card users will be able to have their Daily Cash rewards deposited automatically into a high-yield savings account from Goldman Sachs.
You’ll even be able to track the balance of that savings account right in the Wallet app. There are no fees, minimum deposits, or minimum balance requirements.
Apple says:
Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.
In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance.
To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.
Users can track the balance of this high-yield savings account directly in the Wallet app. There will be a new “Savings Account” button in the Apple Card interface. Tapping on it will show a list of transactions and a chart showing the account’s growth. You’ll also be able to withdraw it to your bank easily.
Apple hasn’t announced when this feature will be available, instead simply saying it will launch “soon.” It also hasn’t confirmed the exact percentage rate that the account will pay out in interest. Goldman’s existing online savings account offers an annual percentage yield of 2.15%.
The new savings account will only be available to Apple Card users, including owners and co-owners.
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