Apple announced the launch of high-yield savings accounts in partnership with Goldman Sachs for the customers of its credit card offering, Apple Card.

The new savings account will be accessible from Apple’s existing Wallet app. Users of Apple Card were already earning daily cash rewards on purchases that could be shared with other users or deposited to a linked bank account. The new savings account would allow cardholders to automatically save these rewards in exchange for a high yield while also allowing them to transfer their own money into this account.

Apple has not disclosed the interest rate that would be paid out. However, the company notes that these accounts will have no fees or minimum deposit/balance requirements. An exact launch date for this account was not disclosed but reports that it will be available in the coming months with a future release of its mobile operating system, iOS.

Analyst Quicktake: This announcement further solidifies Apple’s partnership with Goldman Sachs since the launch of its credit card offering in 2019. A service that reported 6.7 million users at the beginning of the year. Since then, the duo also announced the launch of a buy now, pay later service which was reported to be delayed until 2023 due to technical challenges. For Goldman Sachs, this news comes in the backdrop of an announcement earlier this week where it announced the restructuring of its own digital banking unit due to mounting losses.