Apple is partnering with Goldman Sachs to launch a new savings account offering for Apple Card.

In the coming months, the iPhone maker’s credit card users will be able to open a ‘high-yield’ savings account with no fees, no minimum balance, and no minimum deposit requirements. 

Apple vice president of Apple Pay and Apple Wallet Jennifer Bailey said: “Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future. Savings delivers even more value to users’ favourite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”

The new offering will also allow Apple Card users to earn up 3% interest on their cash back depending on whether Apple Pay was used for purchases at Apple or select merchants. 

The latest partnership between Apple and Goldman Sachs builds on their existing credit card partnership launched in 2019. 

According to a report by Bloomberg, Apple and Goldman Sachs are also working on a buy now, pay later offering, which will be able to fund larger purchases and offer longer-term payment plans. 

The development comes as Goldman Sachs cuts the resources dedicated to supporting its consumer business, Marcus. 

The consumer bank, which was launched in 2016, could witness a 40% slump in profits, the publication said in a separate report citing analysts. 

Goldman Sachs plans to offer some of its key retail products to affluent clients via its wealth management arm.