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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.

Apple-Card-Savings-16x9.jpeg

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.


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 Funds can be withdrawn at any time with no fees or penalties.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
Sounds a lot like Chip to me. I wonder if they’ll match the 3.55% interest rate on instant access savings? How about a UK and EMEA launch too?
 
So losing access to your Apple ID is financially devastating
Heck, that means losing access to the calendar, reminders and Notes list of the groceries of the day!

Jokes aside, didn’t think of this… maybe Goldman Sach’s would be able to help get access to the money back with a birth certificate, previous copies of transactions available, physical Apple Card, etc?

Indeed Apple ID (and all other equally big IDs on other platforms) have become quite something.
So many warnings around that, like “if you lose access to Apple ID and had encryption activated, Apple won’t be able to help you recover access to iCloud” or Mac/iPhone/etc backup or reactivating said Mac if locked out…

Also in the span of several decades many major things could happen, from memory degradation (or related health problems) to an accident that could make you impaired at remembering that. Maybe a close (and good) family member, if any available, should write that down 🤔.

UPDATE: “financially devastating” is a stretch today, but maybe not for long.
 
I’ve had no issues with Marcus thus far, but if Apple is offering the same APY OF 3.75% then I’m going to just move my money over to this lol.

hopefully there’s mention of that transition in the release notes.
Bank to bank transfers for savings accounts are usually quite easy and free. I'd be surprised if this situation is any different.
 
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Like the world needs another savings account. All this is doing is giving Goldman Sachs liquidity under the guise of being a “feature”. That’s their way of padding for the increased waves of default from Apple Pay Later.

What a breakthrough. 💤
 
That will be enough to convince me to try it out
I have a Marcus account. Been a customer for a few years. No complaints (one of the few banks where I can say that — no complaints, lol). They don’t offer a lot of banking products, but what they do offer is very competitive with other banks.

And once a year (March 2019, January 2020, January 2021, January 2022, January 2023) they will have a promotion that will offer $100 bonus for a $10,000 new money deposit. And I believe every single time it was available to new AND existing customers of the bank. It’s not a huge bonus, but the requirements are simple (just a new money deposit and keep it there for 90 days). Super easy. No guarantees that they will do it again in 2024, but so far it has been an annual tradition of theirs, lol. And again, it has been available to existing customers (so you don’t have to wait until January 2024 to open an account).
 
Yes, it's actually federal law. However, most banks allow you to withdraw more than 6 times with extra fees but most banks refund those fees. Basically...you shouldn't really use a saving account like a checking account since traditionally checking accounts have lots of transactions each month.
This changed. Some banks still impose them for S&S, but many did away with the restriction.

https://www.federalreserve.gov/boarddocs/supmanual/cch/int_depos.pdf -- old standard
https://www.federalreserve.gov/supervisionreg/caletters/caltr2106.htm

'Technically', I'm not sure if they've amended the actual regulation in the federal register, as the second link says it is the exam procedures that are suspended.


So it is final.

it's just up to banks to specifically choose to keep the distinction in their products, or adjust.

*edited to add links and context*
 
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I have a Marcus account. Been a customer for a few years. No complaints (one of the few banks where I can say that — no complaints, lol). They don’t offer a lot of banking products, but what they do offer is very competitive with other banks.

And once a year (March 2019, January 2020, January 2021, January 2022, January 2023) they will have a promotion that will offer $100 bonus for a $10,000 new money deposit. And I believe every single time it was available to new AND existing customers of the bank. It’s not a huge bonus, but the requirements are simple (just a new money deposit and keep it there for 90 days). Super easy. No guarantees that they will do it again in 2024, but so far it has been an annual tradition of theirs, lol. And again, it has been available to existing customers (so you don’t have to wait until January 2024 to open an account).

Went the t-bill route @ yr. end w/ excess cash but parked some in Jan. when I opened a Marcus acct., received the offer & as outlined above will receive $100 next month so waiting to see what/how AAPL & Marcus line up.
 
Banks offering those rates come with huge caveats with fine print requirements. You usually have to jump through hoops or the amount that qualifies is limited to a specific amount.

Yes. There's no major hoops to jump through here, and no fees, but there are (of course) some caveats:

  • The 6% is only on balances up to £5000,
  • You can only deposit max £150 per month.
There are some ways you can boost the monthly deposits to be a lot more than £150, but I guess those would qualify as "hoops" 😉
 
I don’t think it’s Apple’s fault. Blame your government’s restrictions and red tape.

No, it's more that Apple isn't launching these services at all but partnering with local banks. If they can't find a partner, they can't offer what is really just an overlay on the banks services. Apple Card launched in the US with a partnership with Goldman Sachs because Goldman was looking to expand into consumer banking products. That's not really a situation that is found everywhere.

I wish they'd launch Apple Card in Canada because it sucks I'm loosing the ease of managing the credit card when I move. But the benefit there is all to me, and Apple, with very little for the partnering bank so none of them are exactly jumping at the opportunity.
 
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