❤ Apple Card’s new high-yield savings account feature may be about to launch

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Update April 13, 2023: New evidence now suggests Apple Pay Later is scheduled to go live on April 17, 2023.

 

 

 

 

 

Apple Card Savings Account, a new integration for the Wallet app first announced back in October, may finally be about to launch. Apple is reportedly making changes to its back-end code in preparation for a full launch of the new feature…

This change was first pointed out by @aaronp613 on Twitter, who spotted a new file in Apple’s back end promoting Apple Card Savings Account. While Apple announced its plans for Apple Card Savings Account back in October, the company didn’t share any specific timeline on when the feature would actually launch.

Changes to the back end were also how @aaronp613 was able to spot the impending launch of Apple Pay Later, just a day before the feature ultimately debuted.

Apple Card Savings Account will allow you to automatically deposit your Daily Cash rewards into the account. So as you earn Daily Cash with your Apple Card, that money can be automatically deposited into the high-yield savings account in the Wallet app.

In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance.

Users will also be able to track the balance of this high-yield savings account directly in the Wallet app. There will be a new “Savings Account” button in the Apple Card interface. Tapping on it will show a list of transactions and a chart showing the account’s growth. You’ll also be able to withdraw it to your bank easily.

Apple Card Savings Account will be operated in partnership with Goldman Sachs, which is also Apple’s partner for the Apple Card itself. There’s no word on what exact percentage rate the account will pay out in interest, but Goldman’s existing online savings account offers an annual percentage yield of 3.75%.

The new savings account will only be available to Apple Card users, including owners and co-owners. Apple Card is only available in the United States.

Apple Card integrating new savings account feature for Daily Cash

Apple has announced an expansion of its relationship with Goldman Sachs for a new Apple Card feature. In a press release, Apple says that Apple Card users will be able to have their Daily Cash rewards deposited automatically into a high-yield savings account from Goldman Sachs.

You’ll even be able to track the balance of that savings account right in the Wallet app. There are no fees, minimum deposits, or minimum balance requirements.

Apple says:

Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.

In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance.

To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.

Users can track the balance of this high-yield savings account directly in the Wallet app. There will be a new “Savings Account” button in the Apple Card interface. Tapping on it will show a list of transactions and a chart showing the account’s growth. You’ll also be able to withdraw it to your bank easily.

Apple hasn’t announced when this feature will be available, instead simply saying it will launch “soon.” It also hasn’t confirmed the exact percentage rate that the account will pay out in interest. Goldman’s existing online savings account offers an annual percentage yield of 2.15%.

The new savings account will only be available to Apple Card users, including owners and co-owners.

Apple Card users will be able to grow their rewards in Apple Wallet by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs

 

 

Apple Card users will be able to grow their Daily Cash while saving for the future by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs.

 

 

Apple announced a new Savings account for Apple Card that will allow users to save their Daily Cash and grow their rewards in a high-yield Savings account from Goldman Sachs. In the coming months, Apple Card users will be able to open the new high-yield Savings account and have their Daily Cash automatically deposited into it — with no fees, no minimum deposits, and no minimum balance requirements. Soon, users can spend, send, and save Daily Cash directly from Wallet.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.
Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet.
To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.
Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases. There is no limit to the amount of Daily Cash users can receive.
The new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers. Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.