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Apple Card Savings Account Likely Launching on April 17

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Apple Card Savings will likely be available starting Monday, April 17, according to backend code on Apple's servers uncovered by @aaronp613. The code also suggests that an iPhone with iOS 16.3 or later will be required to use the feature.

apple-card-savings-account-april-17-feature.jpg

Apple Card users will be able to open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Apple has yet to reveal what the account's interest rate will be, but Goldman Sachs' existing Marcus high-yield savings account currently has a 3.75% APY.

In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees.

To open a savings account in the Wallet app, users will tap on the Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings. Once the account is set up, all Daily Cash received from that point on will be automatically deposited into it and start earning interest. If they prefer, users will still be able to have Daily Cash added to their Apple Cash balance instead at any time.


Apple Card provides 2% to 3% Daily Cash on purchases made with Apple Pay and 1% on purchases made with the physical card. Apple's credit card remains available in the U.S. only, meaning this savings account feature will only be available there.

Apple first announced the savings account in October and said it would be available in the coming months. It's likely that Apple Card Savings has faced delays, as the feature was initially listed in the iOS 16.1 Release Candidate notes, but it did not end up launching with that update and is still not available six months after being announced.

Apple has gradually expanded into financial services over the past few years. The launch of Apple Card Savings would follow last month's limited rollout of Apple Pay Later, a "buy now, pay later" service for financing purchases made with Apple Pay.

Article Link: Apple Card Savings Account Likely Launching on April 17
 
Article Link
https://www.macrumors.com/2023/04/13/apple-card-savings-account-launch-date-rumor/
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Friendly reminder: max out tax-advantaged accounts (401k, Roth IRA, etc) before putting a lot of dough into “high-yield” savings accounts. Roth is especially sweet because you can take your contributions out any time, so if you have a somewhat conservative portfolio and a small separate emergency fund, you can use it as a sort of “higher-yield” savings account (edit: although of course you can't tap into that yield until 59.5 without penalty).
 
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k1121j said:
If the only cash I can put in this account is the Apple Card cash back it’s a No for me. This encourages spending not saving. 🙄
Click to expand...
3rd and 4th paragraph of this story:

"Apple Card users will be able to open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Apple has yet to reveal what the account's interest rate will be, but Goldman Sachs' existing Marcus high-yield savings account currently has a 3.75% APY.

In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees."


But if you're looking for a place to park your money that will encourage you to save and also offers a high APY, why would you use this when there are other places to park your money with even higher APY? This will probably have the same 3.75% APY as Marcus; I doubt it will be higher.
 
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k1121j said:
If the only cash I can put in this account is the Apple Card cash back it’s a No for me. This encourages spending not saving. 🙄
Click to expand...
Literally read the article, it’s right in there.
“In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees.”
But raging is more fun than reading these days…
 
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Lounge vibes 05 said:
Literally read the article, it’s right in there.
“In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees.”
But raging is more fun than reading these days…
Click to expand...
Not only that, but you have always been able to transfer money to apple cash from a bank in the Wallet app...
 
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TheYayAreaLiving 🎗️ said:
I can't wait to start saving money. I'm not sure why It took Apple so long to launch this feature. This should have been on the top #1 priority list. Better late than never!
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Probably has more to do with Goldman Sachs dragging their feet since their attempt to get into consumer banking has been a disaster and their partnership with Apple and the Apple Card didn't pan out as they had hoped.
 
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This sounds great, I'm all for reducing the barriers for encouraging people to save. If this helps do that, then I have no qualms. This could be a great mobile first solution that's different enough from traditional banking to get people to take notice.
 
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hey, why not I guess. not going to be a primary savings but we'll see how it goes. wonder if minors can open an account as well, would be nice to see a savings for my kids that's easy to use and manage.
 
happydude said:
wonder if minors can open an account as well, would be nice to see a savings for my kids that's easy to use and manage.
Click to expand...
One of the requirements appears to be that you need to have an Apple Card.

Have your kids apply for an Apple Card. If they get one, then they can have an Apple Card Savings Account too.
 
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k1121j said:
If the only cash I can put in this account is the Apple Card cash back it’s a No for me. This encourages spending not saving. 🙄
Click to expand...
"In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees."
 
k1121j said:
If the only cash I can put in this account is the Apple Card cash back it’s a No for me. This encourages spending not saving. 🙄
Click to expand...
It literally says this :rolleyes:

In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees.
Click to expand...
 
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Return Zero said:
Friendly reminder: max out tax-advantaged accounts (401k, Roth IRA, etc) before putting a lot of dough into “high-yield” savings accounts. Roth is especially sweet because you can take your contributions out any time, so if you have a somewhat conservative portfolio and a small separate emergency fund, you can use it as a sort of “higher-yield” savings account.
Click to expand...
Pretty sure this is not quite right. Per https://www.irs.gov/publications/p590b#en_US_2020_publink1000230955

66303u04.gif
 
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