Apple Card to introduce high-yield savings account with Goldman Sachs
Peter Macdiarmid/Getty Images News


Apple (NASDAQ:AAPL) will soon introduce an Apple Card high-yield savings account from Goldman Sachs (NYSE:GS), the company said Thursday in a statement. The new offering competes with smaller fintechs that have offered high-yield accounts.
In coming months, Apple Card users will be able to open the high-yield savings account and have their Daily Cash rewards automatically deposited into it. The account has no fees, no minimum deposits and no minimum balance. Users will also be able to deposit additional funds into the savings account through a linked bank account or from their Apple Cash balance.

Also, card users will soon be able to spend, send, and save the cash rewards directly from Wallet, Apple (AAPL) said.
Apple (AAPL) shares have risen 2.0% in midday trading and Goldman (GS) stock has gained 2.9%.
Apple (AAPL) partnered with Goldman Sachs (GS) in 2019 to launch the Apple Card. At the time, Goldman CEO David Solomon said it was just the beginning for building its consumer lending business.