CUPERTINO, Calif.–Apple is partnering with Goldman Sachs to offer a high-yield savings accounts to users of Apple’s credit card, the Apple Card, according to a new report.
Apple Card users would be able to set up and manage the savings accounts directly in the Wallet app on their iPhones, the Wall Street Journal reported. The savings accounts are expected to roll out in the coming months, the company told the publication.
“Once users set up their savings account through the Apple Card, future rewards from the card, called Daily Cash, can be deposited automatically into the savings account, Apple said,” the Journal reported. “Users can also add their Daily Cash rewards to an Apple Cash card, which is a digital card in the wallet app that lets users send and receive money, the company said. Users can change the destination for their Daily Cash rewards at any time.”
Users would also be able to deposit funds into the savings accounts through a linked bank account, Apple told the Journal, and funds can be withdrawn at any time by transferring them to a linked bank account with no fees.
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