By Sam Boughedda
Apple (NASDAQ:AAPL) Card holders will be able to open a new "high-yield" savings account from Goldman Sachs (NYSE:GS) and deposit their Daily Cash automatically put into it with no fees, no minimum deposits, and no minimum balance requirements, the company announced on Thursday.
The Apple Card was the first consumer credit card Goldman Sachs issued, and it is only available in the U.S.
The technology giant said the savings account will be available "in the coming months." Apple Card users currently get 3% Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, but the company did not reveal what the high-yield savings account interest rate will be.
"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.”
Users of the savings account will be able to deposit additional funds into the account through a linked bank account or from their Apple Cash balance, while they will also be able to withdraw funds at any time with no fees.