Apple has joined forces with Goldman Sachs to add a high-yield savings account feature to its credit card.

Apple Card users will be able to automatically deposit their Daily cashback rewards into a new savings account, which is expected to launch in the coming months. Goldman Sachs offers no fees, no minimum deposit and no minimum balance requirements for the account.

Users can also deposit money into their savings accounts through a linked bank account or from their Apple Cash balance. You can also withdraw money at any time to your linked bank account or Apple Cash card.

Once set up, Apple Card users can track funds in their Wallet through a savings dashboard, which shows their account balance and accrued interest over time. Interest rates are yet to be disclosed.

“Savings delivers even more value to users’ favourite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”

                                                                Jennifer Bailey, VP, Apple Pay and Apple Wallet.

Goldman has been Apple’s credit card partner since its launch in 2019. However, the tech giant has since taken steps to ensure its independence in financial services.

Apple is rumored to be using Goldman Sachs for its next BNPL loan. However, Goldman only facilitates the service as a technology provider for official BIN loans and sponsors, with Apple providing the loans directly through a new subsidiary.

This week, Bloomberg reported that Goldman may back off from their recent push into retail banking. With the consumer sector expected to lose $1.2 billion this year, the bank could reduce the value of digital lender Marcus, Bloomberg said.