Apple is introducing a high-yield savings account with Goldman Sachs

Apple is introducing a high-yield savings account with Goldman Sachs
Image Credits: AltFi

Would you bank with Apple?

If you’re anything like the majority, you’ll say a hearty yes. And now, you can!

Apple has partnered with Goldman Sachs to introduce a high-yield savings account with zero fees that Apple cardholders can use to store their money and grow their ‘Daily Cash’, a reward program that gives you cashback for every Apple Card purchase.

With no minimum balance requirements, Apple Card users can now get Daily Cash on every purchase, which is automatically deposited into their Goldman Sachs savings account. 

Currently, Apple pays 3% cashback on Apple Card purchases made using Apple Pay at select merchants, including Apple itself, as well as Uber/Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware. Apple Card purchases will receive 2% cashback when Apple Pay is used and 1% back when the titanium card is used or when a virtual card number is used to shop online.

Users can also transfer their money by linking their personal bank account to their Apple Cash Card to store all their Savings in one place.

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”

Although Apple did not mention its interest rate in its press release, citing environmental factors, it remains a strong competitor to most neobanks, who are offering APY’s in the range of 2.20%-3.05%, with some going as high as 3.1%, per data from Bankrate and Investopedia.

This new offering marks Apple’s second big move into the payments market, after the introduction of its ‘Buy Now, Pay Later’ service in June.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.