Users of Apple Cards are now eligible to receive interest on daily rewards in a savings account.

 On Thursday, Apple Inc. (NASDAQ: AAPL) unveiled a brand-new savings account for customers of its credit card.

Users of Apple Cards can now store their "Daily Cash" incentives in a high-yield savings account from Goldman Sachs Group Inc. (NYSE: GS).

According to Apple, the account will not have any fees, minimum deposit requirements, or minimum balance requirements.

According to the Tim Cook-led corporation, users of the account will be able to add more money by linking a bank account or using their own Apple Cash balance.

By putting money into a linked bank account or using the Apple Cash card, withdrawals are free of charge. The balance and interest earned will be displayed on a savings dashboard in the Wallet app.

Why It Matters: Apple's release coincides with an increase in interest rates. Last month, the US Federal Reserve raised interest rates by 0.75% for the third time in a row.

But because of the high inflation and rising rates, some consumers have started utilizing credit cards to supplement their spending.

In August 2019, Apple and Goldman Sachs jointly announced a credit card featuring cash-back rewards.

According to a previous survey, Apple Card users, who often have poor credit scores, are statistically more prone to skip payments in such a situation.

Price movement: According to information from Benzinga Pro, Apple shares on Thursday closed 3.4% higher at $141.9 in the regular session and decreased 0.1% in after-hours trading.