Apple Card's Savings Account Feature Nears Launch

[MacRumors]

Goldman Sachs this week updated its Apple Card Customer Agreement to provide additional clarity about the upcoming Daily Cash savings account feature. The changes in the agreement are minor, but suggest that the feature's launch is approaching.

"The Daily Cash section of your Apple Card Customer Agreement has been updated to provide additional clarity related to making a Daily Cash Election and use of accrued but unredeemed Daily Cash," reads an email sent to Apple Card holders this week.

Apple first announced the savings account option in October and said it would be available "in the coming months," but the company has not commented on the plans since. The feature will allow Apple Card users to open a high-yield savings account from Apple's financial partner Goldman Sachs and earn interest on the Daily Cash deposited, with no fees, no minimum deposits, and no minimum balance requirements.

Like the Apple Card, the savings account will be managed through the Wallet app on the iPhone. Apple has yet to reveal what the account's APY will be, but Goldman Sachs' existing Marcus savings account currently starts at 3.75%.

The savings account was initially listed in the release notes for the iOS 16.1 Release Candidate, but it did not end up launching with that update and is still not available. Apple continues to lay the groundwork for the feature in iOS 16.4 beta code.

Apple's credit card launched in 2019 and remains available in the U.S. only.

Article Link: Apple Card's Savings Account Feature Nears Launch

 

[CrysisDeu]

Has to be above 4.2 to be worth it

Edit: okay, doesn’t seem everyone knows it yet.
You get 4.15 with Robinhood gold membership, 1.5 million insured by FDIC across 6 banks.
You get 4.3 with Marcus by goldman sachs with refer.
You get 3.6 from citi/discover (both adjust with interest rate)
You get 4.5 with short term tbill (4weeks)
You get 7.6 with ibond.

So yes, I stand by my point

 

[TheYayAreaLiving 🎗️]

Hopefully, it's coming within two weeks with the launch of the yellow iPhone 14.

I need this feature asap so I can save up to afford the unlikeable Apple AR/VR headset.

 

[mashdots]

I am curious to know if it's worth it - or what the benefits are - to switch to this vs keeping apple cash. Like, besides the obvious which is interest. For me, I usually don't get above $300 in my apple cash and end up spending it, so the interest part might not be very useful for me.

Can you still use the apple cash card or some form of card to spend whatever money is in this account?

 

[CaptMarvel]

Maybe this would explain the recent celebratory email I received of accumulating $500 cash back from using my Apple Card. It made it seem like a milestone, but could have been more impactful/made sense if the savings account feature was already in place.

 

[mashdots]

I am curious to know if it's worth it - or what the benefits are - to switch to this vs keeping apple cash. Like, besides the obvious which is interest. For me, I usually don't get above $300 in my apple cash and end up spending it, so the interest part might not be very useful for me.

Can you still use the apple cash card or some form of card to spend whatever money is in this account?

I guess to answer my question, the announcement from Apple says:

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

 

[stiligFox]

I guess to answer my question, the announcement from Apple says:

This is awesome! So with the Apple Card and Savings Account, that should be all I need. Apple Card for expenditures and the Savings Account for paying the card!

I wonder if I can do direct deposits into the Savings Account

 

[rictus007]

Has to be above 4.2 to be worth it

Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)

 

[Andres Cantu]

Imagine getting a 1099-INT form from Apple 😲

 

[robd003]

Has to be above 4.2 to be worth it

What banks pay above 4%?

 

[TonyC28]

Anything is better than Chase Savings at 0.01% interest.

 

[CaptMarvel]

Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)

The only thing that comes to mind and remotely close is Yotta, where your “winnings” could be your savings & interest if you ask the right person. Even then, what you earn/win is not consistent, but an interesting spin on the lottery & saving money to say the least.

 

[samlikesmac]

Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)

The withdrawal limit has not been enforced since Covid started I believe.

 

[TheYayAreaLiving 🎗️]

What banks pay above 4%?

The highest I’ve seen is Ally's savings bank account. 3.40%. Worth it!

Open a High Yield Savings Account Online | Ally Bank®

Grow your money with a high yield Savings Account. Our online savings account features savings buckets and no overdraft fees. Ally Bank, Member FDIC

www.ally.com

 

[izzle22]

What banks pay above 4%?

Right?! American Express is one of the highest high yield savings account at 3.50% I think if Apple came anywhere between 3% and 4% it would be well worth it.

From American Express Website:

 

[dlewis23]

Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

I supposed also that this apple savings account will have the same limitations as any other bank (e.g. limits in how many transactions you can do per month)

Baskbank does 4.25% on a savings account with no minimum. Most people are not getting anywhere near this with any of the most common banks so any decently high rate is a plus for many people.

 

[sorgo †]

Hopefully, it's coming within two weeks with the launch of the yellow iPhone 14.

I need this feature asap so I can save up to afford the unlikeable Apple AR/VR headset.

LOL...unlikeable is exactly the word for it

 

[dlewis23]

What banks pay above 4%?

Baskbank is at 4.25% for a savings account.

 

[sw1tcher]

Has to be above 4.2 to be worth it

I'd say it has to be at least 4.5% when other banks are offering that yield and Treasuries between 1 month to 3 years are even higher.

Idk 4.2 would be more close to a CD (on todays market rate). There are some savings account with an interest rate close to 4%, do you know anyone bank paying above 4% for deposits less than 5k?

There are already CD's yielding 5% or more (e.g. Capital One, Ally), and some online banks have high yield savings accounts with a 4.5% yield

What banks pay above 4%?

High-Yield Savings Account Rates July 2025: The Best Rates According to Our Experts (Updated July 18)

Compare the best high-yield savings account rates with our ranking of over 100 national banks and credit unions. Today's top savings rate is 5.00% APY, available from Varo Bank, AdelFi, and Fitness Bank.

www.investopedia.com

The highest I’ve seen is Ally's savings bank account. 3.40%. Worth it!

Open a High Yield Savings Account Online | Ally Bank®

Grow your money with a high yield Savings Account. Our online savings account features savings buckets and no overdraft fees. Ally Bank, Member FDIC

www.ally.com

Discover Bank is 3.55%. Their website shows 3.50% but they recently raised it to 3.55%. And as noted above, Marcus is 3.75%

 

[TheYayAreaLiving 🎗️]

Right?! American Express is one of the highest high yield savings account at 3.50% I think if Apple came anywhere between 3% and 4% it would be well worth it.

From American Express Website:

View attachment 2167716

I just tried it with American Express and it's lower. Why is that?

 

[TheYayAreaLiving 🎗️]

I'd say it has to be at least 4.5% when other banks are offering that yield and Treasuries between 1 month to 3 years are even higher.



There are already CD's yielding 5% or more (e.g. Capital One, Ally), and some online banks have high yield savings accounts with a 4.5% yield

High-Yield Savings Account Rates July 2025: The Best Rates According to Our Experts (Updated July 18)

Compare the best high-yield savings account rates with our ranking of over 100 national banks and credit unions. Today's top savings rate is 5.00% APY, available from Varo Bank, AdelFi, and Fitness Bank.

www.investopedia.com

Discover Bank is 3.55%. Their website shows 3.50% but they recently raised it to 3.55%

Thank you for this. I love my Discover Card. Might open up a savings account with them. Is this the highest APR rate being offered if so they are topping Amex and Ally.

Update: They are giving $150 - $200 bonus offer. Not bad!!!

 

[dlewis23]

The highest I’ve seen is Ally's savings bank account. 3.40%. Worth it!

Open a High Yield Savings Account Online | Ally Bank®

Grow your money with a high yield Savings Account. Our online savings account features savings buckets and no overdraft fees. Ally Bank, Member FDIC

www.ally.com

Baskbank is 4.25% right now for a savings account with no min or fees. Most of the others that pay decent interest are around that 3.4%.

 

[dlewis23]

Thank you for this. I love my Discover Card. Might open up a savings account with them. Is this the highest APR rate being offered if so they are topping Amex and Ally.

Baskbank is 4.25% on a savings account, but you can also get an 11 month CD with CapitalOne at 5%.

 

[a.jfred]

I guess to answer my question, the announcement from Apple says:

Interesting - I'm wondering how or IF they're going to comply with the Federal Reserve Regulation D (which limits certain types of withdrawals), of if they've found a way to code the account type to avoid it altogether.

 

[TheYayAreaLiving 🎗️]

Baskbank is 4.25% right now for a savings account with no min or fees. Most of the others that pay decent interest are around that 3.4%.

Baskbank is 4.25% on a savings account, but you can also get an 11 month CD with CapitalOne at 5%.

Thanks! Never heard of the Baskbank. Wonder if this is a small bank.