Apple is taking a big step toward offering more banking services to its customers. The company announced today it’s partnering with Goldman Sachs to soon launch a new Savings account feature for its Apple Card credit cardholders which will allow them to save and grow their “Daily Cash” — the cashback rewards that are earned from their Apple Card purchases. In the months ahead, Apple says cardholders will be able to automatically save this cash in a new, high-yield Savings account from partner Goldman Sachs which is accessible with Apple Wallet. Customers will be able to transfer their own money into this account, as well.
The account will have no fees, minimum deposits or minimum balance requirements, Apple notes, which would make the account somewhat competitive with a variety of neobanks which are often used as a way for customers to park their digital cash and earn money through interest payments.