Apple has announced an expansion of its relationship with Goldman Sachs for a new Apple Card feature. In a press release, Apple says that Apple Card users will be able to get their Daily Cash rewards from Goldman Sachs automatically.
In the wallet app, you''ll even be able to track the balance of your savings account. There are no fees, minimum deposits, or minimum balance limitations.
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Users in Apple Card will be able to easily set up and manage Savings directly in their Apple Card in Wallet. All future Daily Cash received will be automatically deposited into it, or they may continue to have it added to an Apple Cash card in the future.
Users of Apple Card may also deposit additional money using a linked bank account or their Apple Cash balance out of the depositing system.
Users can also deposit additional funds into their Savings account via a linked bank account or via their Apple Cash account, with no fees. In the long run, Apple Card users can also withdraw funds at any time by transfering them to a linked bank account or through their Apple Cash card. This feature, which shows their account balance and interest accrued over time.
Users may track the balance of this high-yield savings account directly in the Wallet app. There will be a new Savings Account button in the Apple Card interface. This will show a list of transactions as well as a chart showing the accounts growth. You will also be able to withdraw it to your bank easily.
Apple hasn''t announced when this feature will be available, rather than stating it will be launched soon. It has also not confirmed the exact percentage rate that the account will pay out in interest. Goldmans'' existing online savings account has an annual percentage yield of 2.15%.
The new savings account will only be available to Apple Card users, including owners and co-owners.