Your Apple Card is now more of a full-fledged banking service. Apple has introduced a “high-yield” savings account from Goldman Sachs that will soon let you grow your funds. You can have your card’s Daily Cash automatically deposited if you like, but you can also transfer money from a linked bank account or your Apple Cash balance. You can withdraw at any time, and there are no fees, balance requirements or minimum deposit amounts.
The savings account will be available to Americans sometime in the “coming months,” Apple said. We’ve asked the company about the exact yield rate and will let you know if we hear back — needless to say, this could play a major role in your decision to sign up.
If this sounds somewhat familiar, it should. Goldman Sachs already offers a “Marcus” savings account that you can quickly open online and link to other banks. It’s built for mobile users with a dedicated app, touts a relatively high 2.15 percent annual yield and doesn’t carry any fees or minimum deposits. Apple’s offering mainly stands out through its daily reward deposits and, of course, tight integration with iPhones and other Apple products.
The Apple Card savings account isn’t quite the company’s answer to Google’s defunct Plex banking service, though. Where that was ultimately a bid to modernize banking for companies that didn’t have their own apps, Apple is providing a savings account dedicated to its cardholders. This is an incentive to use your card and stick to the Apple ecosystem.