Apple will start offering savings accounts to its credit cardholders in partnership with Goldman Sachs, according to a Thursday press release.
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While Apple did not give an exact time line, the tech giant said the Goldman Sachs high-yield savings account for Apple Card holders would become available "in the coming months." They will be able to automatically put their Daily Cash cashback rewards into the account, plus move money from their linked bank account or Apple Cash card into it, according to Apple.
Once available, the new savings accounts will be able to be set up in the Wallet app. The savings account dashboard in Wallet will show Apple Card holders "their account balance and interest accrued over time," Apple said.
Users who choose to get a savings account will have to opt out of the new default of their Daily Cash automatically going into it if they want the rewards to go elsewhere.
There will be no minimum deposits, minimum balance requirements or fees for the savings accounts, according to the release. Transferring money from the account to a linked bank account or Apple Cash card will also come with no fees.
"Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future," Apple’s vice president of Apple Pay and Apple Wallet, Jennifer Bailey, said in a statement.
People earn Daily Cash when they make purchases using their Apple Card.
When they use the card to make purchases via Apple Pay with the tech company and certain merchants like Uber and Walgreens, they earn 3% Daily Cash back. They get 2% back when "they use Apple Pay at other merchants, and 1 percent on all other purchases," according to Apple.