Apple Teams With Goldman Sachs to Offer Savings Accounts
- Card rewards can be automatically deposited into new accounts
- Goldman has been scaling back ambitions for consumer business
Source: Apple Inc.
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Apple Inc. and Goldman Sachs Group Inc. will team up to offer savings accounts to users of the tech company’s credit card.
“Apple Card users will be able to open the new high-yield savings account and have their daily cash automatically deposited into it -- with no fees, no minimum deposits and no minimum balance requirements,” Apple said in a statement Thursday. Daily cash refers to the rewards that card users generate through their purchases.