Apple is taking a significant step toward providing its customers with more banking services. The company announced a collaboration with Goldman Sachs to launch a new Savings account feature for Apple Card credit cardholders that will allow them to save and grow their “Daily Cash” — the cashback rewards earned from Apple Card purchases.
In the coming months, Apple says cardholders will be able to automatically save this money in a new, high-yield Savings account from Goldman Sachs that will be accessible through Apple Wallet. Customers will also be able to deposit their own funds into this account. According to Apple, the account will have no fees, minimum deposits, or minimum balance requirements, making it somewhat competitive with a variety of neobanks, which are frequently used as a way for customers to park their digital cash and earn money through interest payments.