Apple Card to add Savings Account feature

Apple has announced that it will soon go into partnership with Goldman Sachs to launch a new Apple Savings account feature for holders of the Apple Card credit card. This will allow users who purchase with the Apple Card to save their cashback rewards with Apple. What this means is that, when you purchase or make a payment with an Apple Card, Apple gives you a cashback reward.

Apple launches savings account service in partnership with Goldman Sachs

Apple Card will now allow you to collect your Daily Cash in a new Savings account. The company developed the feature along with its bank partner Goldman Sachs and said the new account will be “high yield” without revealing the actual interest rates. The Daily Cash will be automatically deposited into the account. You can also deposit from your Apple Cash balance or from an external linked bank account.

Cupertino will also offer transferring funds back to Apple Cash, the primary expenditure account, with no fees. Daily Cash, which is what Apple calls its cashback policy, gives back 1% on all purchases, 2% if they are made through Apple Pay, or 3% if money is spent on Apple Store and some partners like Uber, Walgreens, T-Mobile and ExxonMobil.

As a partner to Apple in the new savings feature, Goldman Sachs will be the main bank that will handle the monies of those who will sign-in to this upcoming Feature. In terms of interests, the same company will also handle that aspect. Accessing your money is also as simple and easy as saving it. Thanks to Apple Wallet, you can access your money anywhere at any time.

Just like how you can be able to deposit your own money from your linked bank account to your Apple Savings Account. Apple also said that you can withdraw your money from your Apple Savings account directly to your linked bank accounts. Apple currently pays 3% cashback on any purchase you make using the Apple Pay. You can earn this cashback when you purchase from the following selected merchants.

Apple’s savings-account offering will allow Apple Card users to generate interest on their cash back, which arrives in 1%, 2% and 3% increments depending on whether the purchases were made via Apple Pay, on Apple products or with select merchants. Apple and Goldman didn’t announce an interest rate, but Marcus, Goldman’s existing savings account, currently gives users an annual percentage yield of 2.15%.

Goldman has been eager to increase its consumer deposits. The firm’s existing savings-account products already hold more than $100 billion. The partnership could encourage users to store the cash they get back with Goldman rather than Green Dot Bank, Apple’s existing partner for its legacy credit card.