After a credit card, Apple launches savings account service in partnership with Goldman Sachs — here’s what it means

• Apple has announced the launch of savings accounts service in partnership with Goldman Sachs.
• The two companies introduced a credit card in 2019.
• Apple has claimed that its savings account will offer a high yield.

Apple launched its credit card in 2019 with American financial giant Goldman Sachs. After issuing millions of credit cards, the two companies partnered again to launch a savings account.

“Apple today announced a new Savings account for Apple Card that will allow users to save their Daily Cash and grow their rewards in a high-yield Savings account from Goldman,” Apple said in its blog post.

The savings account service is currently limited to the United States and will allow Apple Card users to save the Daily Cash they earn in the account.

For those unaware, Daily Cash are the rewards Apple Card users earn on transactions. Apple Card users can set up their savings account in the Wallet, and the Daily Cash they earn will be deposited in the savings account.

No fees or minimum balance requirements

Apple has revealed that its savings account will not have any fees and users will be able to sign up for the account for free. In addition to this, the account will not have any minimum balance or minimum deposit requirements. This means you can sign up for the account without worrying about maintaining a minimum balance.

Here’s how deposits and withdrawals will work

Apple has said that users can freely deposit and withdraw money from their Apple savings account through a linked bank account.

“Users can also deposit additional funds into their Savings account through a linked bank account or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees,” Apple added.

Apple claims it will offer high-interest

Apple has claimed that its account will have a “high-yield”. The company has, however, not revealed the exact percentage of the interest.

In a statement to CNBC, an Apple representative said, the interest rate will be “competitive, with the best rates available, and will be the same for all users.”

Goldman Sachs currently offers a 2.15% annual yield through its Marcus brand.

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