Apple Card users can now choose to grow their Daily Cash rewards with a Savings account from Goldman Sachs, which offers a high-yield APY of 4.15 percent — a rate that’s more than 10 times the national average. With no fees, no minimum deposits, and no minimum balance requirements, users can easily set up and manage their Savings account directly from Apple Card in Wallet. To build on their savings even further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
Savings accounts are provided by Goldman Sachs Bank USA, Salt Lake City Branch. Member FDIC. Savings is available to Apple Card Owners and Co-Owners, subject to eligibility requirements.
As well as being a sign of Apple’s ambitions, it’s another threat to banks.
Earnings from State Street and Charles Schwab Monday were a reminder, if one were needed, that banks are struggling to keep hold of their customers’ cash—both reported a fall in deposits in the first quarter.
Apple, a trusted brand with a huge customer base when it comes to iPhones, adds to the competition and gives consumers another option for where to put their cash. It will also put pressure on the big banks currently offering low rates.
Apple is serious about becoming a major player in financial services, and it could shake up the entire sector.
MacDailyNews Take: We’ve already moved some savings out of our traditional banks and into our new Savings accounts from Goldman Sachs in Apple Wallet.
Here’s how Apple Card users can easily set up a Savings account from Goldman Sachs:
- On your iPhone, open the Wallet app and tap Apple Card.
- Tap the More button the more button, then tap Daily Cash.
- Tap Set Up next to Savings, then follow the onscreen instructions.
More info about how to set up and use Savings in Apple Wallet here.
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The way that most banks treat their customers is a crime. Literally. (Looking at you, Wells Fargo.) I’ve long switched my savings and checking to my local credit union, but happy to support Apple as well…
Have been a loyal Wells Fargo customer going on two decades now, after dumping high fees for everything Bank of America. Always treated with courtesy and great service their app is outstanding. “Wells Fargo holds the oldest continuously operating bank charter in the United States.”
But the article is not about bashing a bank represented by original services icons stagecoaches and cowboys with guns. It’s about the GREAT interest Apple is offering.
Signed up first day!… 😁🏦💸
If only it was available in the UK
Apple is becoming a “fractional reserve lender,” I guess? How else can an entity give that kind of return, w/o drawing from other income streams?
The difference in the cost of money they get from the Fed vs the interest they charge.
When will it be available in Singapore?