Apple is even more of a bank now — if you have an Apple Card

• Apple continues to push further into the world of banking and finance.
• The company announced Apple Card users could automatically deposit cash-back rewards into a high-yield savings account.

Apple continues to reimagine what it means to be a tech company as it pushes further into the world of banking and finance.

On Thursday, Apple announced it would start allowing Apple Card users to automatically deposit Daily Cash, which is what Apple calls its cash-back rewards program, into a high-yield savings account from Goldman Sachs.

"Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future," said Apple executive Jennifer Bailey in a statement announcing the savings product.

Apple said there would be no fees, minimum deposits, or minimum balance requirements associated with the savings accounts.

The big tech company first announced its credit card with Goldman Sachs in March 2019, advertising it as "created by Apple, not a bank," despite Goldman Sachs, a bank, reportedly spending about $300 million on the card's development.

When Apple's card with Goldman launched, experts speculated the partnership was more favorable to Apple.

"This revenue should be almost pure profit to Apple, as Goldman Sachs bears all of the operational and credit risk for the program," Bernstein said.

Apple's push into savings shows it's trying to grab a larger share of the credit card space. As of the latest estimates from 2021, 6.4 million people use Apple's card, a significantly smaller number than credit card giants Mastercard and Visa. In comparison, Mastercard said it had issued 3 billion cards as of June 2022.