Apple to launch high-yield savings account with Goldman Sachs

A ‘buy now, pay later’ product. A fintech acquisition. A tap-to-pay offering.

Apple is slowly but surely edging its way into the fintech and banking space, and today is taking a decisive leap forward with its latest venture with Goldman Sachs, a high-yield savings account.

Arriving on iPhones “in the coming months”, the US tech giant’s is decisively continuing its move into the financial space by allowing users to set up a savings account directly set up and managed through their Apple Card in their wallets.

Once set up, “Daily Cash” – Apple’s cashback offering on every purchase made on an Apple Card – will automatically go straight to the savings account, but users can still choose to have it added to an Apple Cash card as well.

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,”Apple’s vice president of Apple Pay and Apple Wallet Jennifer Bailey said.

“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.”

According to Apple, in the “coming months”, users will be able to open the new account and automatically deposit cash into it, with no fees, minimum deposits or minimum balance requirements.

In addition to adding their Apple Cash, users will be able to deposit money through a linked bank account, and withdraw without fees to either their Apple card or another account. 

The new account with Goldman Sachs adds to the existing suite of financial offerings from Apple, including Apple Pay Later, which launched earlier this year in the US to rival Klarna and Affirm.

It also added Tap to Pay at the top of the year to compete with the likes of Square and Zettle, and truly cemented its intentions with fintech with its acquisition of Credit Kudos in a transaction worth $150m.