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Apple is launching a savings account with Goldman Sachs

Apple Card holders will be able to open a "high-yield" savings account.

Apple savings

Apple plans to launch a high-yield savings account with Goldman Sachs

Image: Apple; Protocol

Apple will team up with Goldman Sachs on a savings account for its cardholders, the latest expansion from the tech giant into financial services.

Apple said Thursday that holders of the Apple Card will soon be able to open a "high-yield" savings account through Goldman that will connect to Apple's mobile wallet. The new savings account would include an option to automatically deposit Daily Cash rewards — Apple's term for the cash back it offers on purchases.

The Apple Card is already offered through a partnership with Goldman Sachs. In June, Apple revealed a plan to offer a form of "buy now, pay later" financing through its wallet. Notably, the company reportedly intends to lend directly to Apple Pay Later users through a subsidiary rather than through a banking partner.

The Apple Pay Later product is still yet to launch. Bloomberg reported that technical challenges have held it up. But Apple's growing push into financial services has also caught the eye of regulators. Consumer Financial Protection Bureau director Rohit Chopra promised a "close look" at the company's plan in an interview with the Financial Times earlier this year.

Apple's announcement did not say when the savings account will be available, and didn't include an estimate for the interest rate it will offer. Goldman's Marcus savings account offers 2.15% APY.

Correction: An earlier version of this story misstated Apple's term for its cash back program. This story was updated on Oct. 13, 2022.

 Ryan Deffenbaugh
Ryan Deffenbaugh is a reporter at Protocol focused on fintech. Before joining Protocol, he reported on New York's technology industry for Crain's New York Business. He is based in New York and can be reached at rdeffenbaugh@protocol.com.
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