The tech firm said that Apple Card users can soon open a new savings account and deposit their Daily Cash automatically into it without any charges
Apple teams up with Goldman Sachs to introduce savings account for Apple Card users. (Credit: Patrick Tomasso on Unsplash)
Tech major Apple has collaborated with US-based lender Goldman Sachs to introduce new savings account for its Apple Card credit cardholders to provide better banking services to its users.
With the partnership, Apple Card users will now be able to save their Daily Cash and grow their rewards in high-yield savings account from Goldman Sachs.
The tech firm said that Apple Card users can soon open a new savings account and deposit their Daily Cash automatically into it without any charges, minimum deposits and minimum balance requirements.
Furthermore, Apple Card users can spend, send, and save Daily Cash directly from Apple Wallet.
Apple’s Apple Pay and Apple Wallet vice president Jennifer Bailey said: “Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future.
“Savings delivers even more value to users’ favourite Apple Card benefit – Daily Cash -while offering another easy-to-use tool designed to help users lead healthier financial lives.”
After setting up their savings account, users can deposit all future Daily Cash received into it, or they can select to continue to have it added to an Apple Cash card in Wallet. Customers can also modify their Daily Cash destination at any time.
Apple said that cardholders can also deposit extra funds into their savings account via a linked bank account, or from their Apple Cash balance.
They can also withdraw funds at any time by transferring them to a linked bank account or their Apple Cash card without any additional charges. Apple Card users monitor their rewards in Wallet through a user-friendly savings dashboard.
Apple Card users will receive 3% Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, 2% Daily Cash when they use Apple Pay at other merchants, and 1% on all other purchases.
The tech firm said there is no limit to the amount of Daily Cash users can receive.