The move is part of Apple’s bet that services — including financial offerings — will help fuel growth in coming years.
But an Apple “buy now, pay later” service, announced earlier this year, has taken longer than expected to reach the market. The offering, called Apple Pay Later, had been slated for iOS 16, software released last month in tandem with new iPhones.
Apple’s savings-account offering will allow Apple Card users to generate interest on their cash back, which arrives in 1%, 2% and 3% increments depending on whether the purchases were made via Apple Pay, on Apple products or with select merchants. The partnership could encourage users to store the cash they get back with Goldman rather than Green Dot Bank, Apple’s existing partner for its legacy credit card.
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