Apple Preparing to Launch Apple Card Savings Account

[MacRumors]

Apple appears to be gearing up to introduce the Daily Cash savings account feature for Apple Card users, as mentions of a Daily Cash Savings account have been found in backend Apple code by Aaronp613.

The appearance of the code indicates that Apple has furthered its work on the savings account, and that it will be introduced in the very near future. Prior to the March 28 launch of Apple Pay Later, references showed up in the code the day before, so there is a chance that the Apple Card savings account could launch as soon as this week.

https://twitter.com/x/status/1646299323452342273

The code contains the terms of service for the savings account, as well as images that Apple will likely use for the feature in the Wallet app and other locations. It mentions iOS 16.3, but it is not yet clear if iOS 16.3 will be required to sign up for and use an account.

Apple back in October announced plans to introduce a "high-yield" savings account for Apple Card users to store Daily Cash, with all Daily Cash earned automatically deposited into the account. Apple at the time said the savings account would be available "in the coming months," but there has not been an update since then.

Apple Card users can sign up for the savings account through Goldman Sachs, Apple's financial partner for the Apple Card. Like the Apple Card, the savings account will be managed using the Wallet app on iPhone or the Wallet section of the Settings app on the iPad.

While Daily Cash will be automatically deposited in the account once it is created, Apple Card users can opt to change where their Daily Cash is delivered in the future. There are also options for depositing additional money into the savings account through a linked bank account or through an Apple Cash balance. Funds can be withdrawn at any time with no fees or penalties.

Article Link: Apple Preparing to Launch Apple Card Savings Account

 

[sniffies]

I'd like to see Apple Bank and Apple Wireless in the future.

 

[HeavenDynamic]

How about launching services outside of the US ?

 

[TracesOfArsenic]

This excites me more than new emojis!

 

[antiprotest]

BTW, do many people use Apple Cash? I don't see it mentioned anymore.

 

[TheYayAreaLiving 🎗️]

I’ve been waiting for this feature for a long time. It’s about time!!! Let’s go!!! Time is money! ⏳💰

 

[Scott6666]

BTW, do many people use Apple Cash? I don't see it mentioned anymore.

Me

 

[bommai]

I guess it is useful for people that are already using Apple credit card, etc. They could use the savings account and pay their credit card with it and earn interest as well.

 

[TheDarkAngel]

They’ve been “saving” this long enough… my wallet app is ready. 😂

 

[DotCom2]

Been waiting for this. Now let's see the interest rate please.

 

[Yrmmont]

We will see what the interest rate is and whether it is FDIC insured.

 

[RogerWilco]

Goldman already has a FDIC insured product called Marcus that currently pays 3.75% on savings with no fees.

 

[HobeSoundDarryl]

30% right off the top for money hosting services?

 

[Reason077]

Been waiting for this. Now let's see the interest rate please.

I'll show you mine...

Savings accounts are back, baby!

 

[ProfessionalFan]

We will see what the interest rate is and whether it is FDIC insured.

There’s zero chance it isn’t FDIC insured.

 

[Apple_Robert]

I am guessing soon means iOS 17.

 

[ELman]

I'll show you mine...

View attachment 2188127

Savings accounts are back, baby!

What bank is this?

 

[cannono]

Goldman already has a FDIC insured product called Marcus that currently pays 3.75% on savings with no fees.

Yes, it’s expected to use their infrastructure and account system, but with a better tech integration to the wallet and Apple’s branding to align it with Cash and Card.

 

[darthaddie]

Give me a checking account and take me away from the mind numbingly stupid banks. They will not change unless forced to.

 

[KaliYoni]

Time is money!

No, no, mime is money!

 

[russell_314]

It’s not showing up for me yet.

 

[Apple_Robert]

It’s not showing up for me yet.

It hasn't been released. Someone just found the updated code for it in the recent beta.

 

[KaliYoni]

Goldman already has a FDIC insured product called Marcus that currently pays 3.75% on savings with no fees.

What bank is this?

Goldman Sachs, whose primary business is investment banking and providing advice to the ultra-rich, has a retail bank, Goldman Sachs Bank USA, that it launched a few years ago to expand its client base to mainstream banking customers. The brand name on the bank’s offerings, as Apple Card users know, is Marcus. Goldman Sachs Bank USA, which is a wholly owned subsidiary of GS, is fully regulated (its main regulator is the Federal Reserve, which isn't the case for every bank) and insured (through the FDIC) by agencies of the federal government. These are the same agencies that oversee the systemically important banks in the US, including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo.

Marcus has been an Apple partner for a few years because it wanted to acquire customers quickly. Currently, though, Marcus has not been performing as planned. As a result, GS has said during recent earnings announcements that it has been ramping down the amount of attention Marcus gets relative to GS’s other activities.

The last time I looked, the 3.75% APY on savings is also available at other online-only banks, including American Express Savings Bank. So the rate is competitive at the moment…but could change at any time.

----------
ETA:
For anybody thinking of opening a new account with Marcus, something to know is that Marcus may be up for sale.

"Goldman is exploring strategic options for its consumer platform business, which has lost about $3 billion in three years, executives told investors in February.
[...]
Goldman reshuffled its businesses in 2022, leaning into its traditional mainstays of trading and investment banking, beefing up its asset management arm and stepping back from its consumer aspirations."

Goldman Sachs profit falls on sluggish deals and bond trading, Marcus loss

Goldman Sachs Group Inc's profit fell 19% as dealmaking and bond trading slumped in the first quarter and it lost money on the sale of some assets in its consumer business.

www.reuters.com

 

[locovaca]

We've finally reached a point where we have minimum OS requirements to open a bank account... never thought I'd see the day.

 

[Helios_7]

Goldman Sachs, whose main business is investment banking and providing advice to the ultra-rich, has a retail bank it launched a few years ago to serve mainstream customers. The brand name is Marcus. The bank behind Marcus, which is a wholly owned subsidiary of GS, is fully regulated (its main regulator is the Federal Reserve) and insured (by the FDIC) just like the other American systemically important banks like Citibank, Bank of America, and Wells Fargo.

Marcus has been an Apple partner for a few years because it wants to gather funds from retail banking customers for use across all of GS’s businesses. Currently, though, Marcus has not been hitting its financial targets and GS has said during recent earnings announcements that it has been ramping down the amount of attention Marcus gets relative to GS’s other activities.

The last time I looked, the 3.75% APY on savings is also available at other online-only banks, including American Express Savings Bank. So the rate is competitive at the moment…but could change at any time.

3.75% is what I’m getting from AmEx now. That would be competitive with all the big, reliable banks. You may be able to get something higher from a smaller bank, but Apple won‘t benchmark themselves against a small bank.