The accounts available to Apple Card users are expected to roll out in the coming months.
Illustration:
David Paul Morris/Bloomberg News
Apple Inc.
is forging a partnership with
Goldman Sachs
GS 3.98%
Group Inc. to offer high-yield savings accounts to users of Apple’s credit card, the Apple Card, marking the tech company’s latest move into the financial-services space.
Apple Card users would be able to set up and manage the savings accounts directly in the Wallet app on their iPhones, Apple said. The savings accounts are expected to roll out in the coming months, the company said.
Once users set up their savings account through the Apple Card, future rewards from the card, called Daily Cash, can be deposited automatically into the savings account, Apple said. Users can also add their Daily Cash rewards to an Apple Cash card, which is a digital card in the wallet app that lets users send and receive money, the company said. Users can change the destination for their Daily Cash rewards at any time.
Users would also be able to deposit funds into the savings accounts through a linked bank account, Apple said, and funds can be withdrawn at any time by transferring them to a linked bank account with no fees.
Shares of Apple pared earlier losses for the day and were trading up 2% at $141.15 at midday. Goldman Sachs shares were up 2.9% at $303.82 each.
Write to Will Feuer at [email protected]
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Appeared in the October 14, 2022, print edition as ‘Apple Offers High-Yield Accounts.’
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