Embedded finance continues to break new ground among the world’s leading retailers. Tech giant, Apple has unveiled its new Savings account from Goldman Sachs, offering a high-yield APY of 4.15 percent, which is more than 10 times the national average rate.
The account has been introduced for Apple Card users looking to grow their Daily Cash rewards. It is a move that brings it one step closer to being a bank in all but name.
Users can now set up and manage their Savings account directly from Apple Card in Wallet while no fees, minimum deposits or minimum balance requirements are required, Apple said in a statement.
“Savings helps our users get even more value out of their favorite Apple Card benefit Daily Cash, while providing them with an easy way to save money every day,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.
“Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly, all from one place.”
Once a Savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account. The Daily Cash destination can also be changed at any time, and there’s no limit on how much Daily Cash users can earn. To build on their savings further, users can deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance.
Users will also have access to a Savings dashboard in Wallet, where they can track their account balance and interest earned over time. Funds can be withdrawn at any time through the Savings dashboard by transferring them to a linked bank account or to their Apple Cash card.
The introduction of the savings account follows the launch of Apple’s pay later service in the US, last month as the company turns up the heat on its range of financial offerings. The pay later service now allows Apple Wallet users to split purchases into four payments, spread over six weeks while all Apple Pay later loans can be tracked, managed, and repaid within the digital wallet.
