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Apple gets into the savings game as it deepens financial push

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Apple Inc. is deepening its involvement in the world of financial services.

The consumer-electronics company plans to let Apple Card users park their Daily Cash in a high-yield Goldman Sachs savings account, according to a Thursday press release. Cardholders can choose to open this savings account and have their Daily Cash, the company’s form of cash-back rewards, put in the account automatically, once the product rolls out “over the coming months.”

There are no fees, minimum deposits, or minimum balances, with the new savings account. Apple
AAPL,
+2.41%

added in the release that users would be able to manage their savings accounts through Apple’s Wallet app and that they would have the option to change where their Daily Cash goes “at any time.”

Apple has made various forays into financial services, including with the Apple Card, which is issued by Goldman Sachs Group Inc.
GS,
+4.07%
.
The company has also been seeing growing traction with Apple Pay, a mobile wallet that allows people to make contactless payments in stores and make card payments online.

The company said earlier this year that it planned to get into the buy-now-pay-later game by letting Apple Pay users make purchases in installments. Apple teased this development at its WWDC developer event in June, but the Apple Pay Later feature has yet to materialize.

See more: Why Apple’s BNPL efforts could mark a ‘tipping point’ in lending

Apple shares are ahead 1.5% in Thursday’s midday trading. The stock has fallen 3.5% over the past three months as the Dow Jones Industrial Average
DJIA,
+2.67%

has dropped 3.3%.

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