Apple will start offering high-yield savings accounts to its credit cardholders in partnership with Goldman Sachs, according to a Thursday press release.
Apple will start offering savings accounts to its credit cardholders in partnership with Goldman Sachs.
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.saving for the futureWhile 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.
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.
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