Your Apple Card has evolved into a full-fledged banking service. Apple has launched a “high-yield” savings account from Goldman Sachs, which will soon allow you to grow your money. If you prefer, you can have your card’s Daily Cash deposited automatically, but you can also transfer money from a linked bank account or your Apple Cash balance. There are no fees, balance requirements, or minimum deposit amounts, and you can withdraw at any time.
The savings account will be available to Americans in the “coming months,” according to Apple.
This should sound somewhat familiar. Goldman Sachs already has a “Marcus” savings account that can be opened quickly online and linked to other banks. It has a dedicated app for mobile users, a relatively high 2.15 percent annual yield, and no fees or minimum deposits. Apple’s offering is distinguished primarily by its daily reward deposits and, of course, its close integration with iPhones and other Apple products.
However, the Apple Card savings account isn’t quite the company’s response to Google’s now-defunct Plex banking service. Whereas that was ultimately a bid to modernize banking for companies without their own apps, Apple is now offering a savings account exclusively for its cardholders. This is a reason to use your card and stay within the Apple ecosystem.
