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Apple is launching a Goldman Sachs savings account for its Apple Card users. Apple Savings builds on the company’s existing partnership with the US investment bank and extends Apple’s financial services product offering.

Apple Card was created and launched in August, 2019, by Apple and issued by Goldman Sachs. The card lies within the Apple ecosystem and was designed for use in conjunction with customers’ Apple Wallet on an Apple device such as an iPhone, iPad, Apple Watch, or Mac.

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Apple Card is currently only available for US customers and is said to have reached 6.7 million customers by early 2022.

Apple’s new savings account offers a high interest return of 4.15 percent with no fees, no minimum deposits, and no minimum balance requirements. Users will have access to their Apple Savings account via a dashboard in the Apple Wallet app, where they can track their account balance and interest earned over time. Funds can be withdrawn at any time through the Apple Savings dashboard by transferring them to a linked bank account or to their Apple Card, with no fees.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet said: “Savings helps our users get even more value out of their favourite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day.

“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.”

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Apple’s foray into financial services follows a trend for Big Tech companies to increasingly add payment functionality to their offerings. The company announced in March, 2023, that it was testing a buy-now-pay-later (BNPL) service for a select group of US users to be rolled out over the coming months. The BNPL service is also built into the Apple Wallet app.

According to research analyst GlobalData, global mobile payment transaction value it set to grow at a compound annual growth rate of of 21.8% between 2021 to 2025, reaching $122.5tn by 2025. Mobile payment volume will also grow significantly, at a compound annual growth rate of 19.9% between 2021 and 2025 reaching 2.2 billion payments by 2025, according to the analyst.