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iOS 16.4 Lays Groundwork for Apple Cash High-Yield Savings Account

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Apple is preparing to release a new high-yield savings account option for Apple Card users, based on code that was found in the iOS 16.4 beta. The update lays the groundwork for the feature, which was announced in October.

Apple-Card-Savings-16x9.jpeg

Since Apple announced plans for a high-yield savings account for the Apple Card, it has not made any additional information available, including details on a launch. iOS 16.4 lays the groundwork for the feature, so it could be available alongside the iOS 16.4 release.

Code in iOS 16.4 has references to routing and account numbers, current balance, interest earned, data management, funds available for withdrawal, and more.

Apple will encourage customers to sign up for a savings account by providing a message that says "Transfer your Apple Cash balance to your savings account and start earning interest today" and "You can transfer up to [amount] from Apple Cash to your savings account in a single transaction and start earning interest today.

As with the Apple Card, the high-yield savings account will be offered through Goldman Sachs. Apple Card owners will be able to opt-in to having their Daily Cash deposited automatically so that it can earn interest.

Apple has not yet provided the APR for the savings account that will be made available to Apple Card owners, and there is no mention in the code. There are also no signs of the savings account in the Wallet app as of yet.

The savings account and Daily Cash will be able to be managed through the Wallet app alongside the Apple Card.

Article Link: iOS 16.4 Lays Groundwork for Apple Cash High-Yield Savings Account
 
Article Link
https://www.macrumors.com/2023/02/16/ios-16-4-high-yield-apple-cash-savings-account/
Interesting move by Apple and Marcus Bank/Goldman. I wonder how easy—or even possible—it will be to get funds out of the savings account and/or the Apple Pay ecosystem. It will also be interesting to see how the interest rate is set and how often it will be adjusted.
 
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KaliYoni said:
Interesting move by Apple and Marcus Bank/Goldman. I wonder how easy—or even possible—it will be to get funds out of the savings account and/or the Apple Pay ecosystem. It will also be interesting to see how the interest rate is set and how often it will be adjusted.
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I don't see why it would be any different than the APY that Marcus offers.
 
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KaliYoni said:
Interesting move by Apple and Marcus Bank/Goldman. I wonder how easy—or even possible—it will be to get funds out of the savings account and/or the Apple Pay ecosystem. It will also be interesting to see how the interest rate is set and how often it will be adjusted.
Click to expand...
There are plenty of online-only banks, like Discover, that offer savings accounts and I would assume the Apple account would support withdrawal transfers via ACH like the other online savings products.
 
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The only way to add monies to the account, buy more stuff with Apple Card. If true, high interest on a couple hundred is so exciting, not.
 
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unregbaron said:
How can it beat inflation?
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Because most other investments are down? Hell, even my kid's 529 college fund is down and that uses the tried and true Vanguard fund. The only thing really making money right now for me is my high-yield 4.05% APY savings account through Wealthfront. Once the recovery gets more legs under it I'll roll some more of my excess liquidity out of there into some stocks and crap, although I'm likely going to have to buy a car later this year and used cars are roughly 45 billion dollars now (about a Twitter) so that's fun can't wait.

I take that back. My 2011 Subaru Outback has gone up several thousand dollars in value. And my house has gone up about 50% in value. Those are my best investments right now, lol.
 
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Do it. I'm treating my Apple Cash account as a "bonus" savings account. But it's not earning the 3.5% that my personal savings is.
 
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Compile 'em all said:
Still US only years later.
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Just a hunch, but maybe it's because this is just a re-branded Marcus account and Marcus is mainly a U.S. offering. The only other country outside of the U.S. that Marcus is offered is the UK. Marcus had paused accepting new customers a while back and they not too long ago started accepting them again.

rodpascoe said:
Yep, came here to say the same. Where is the UK love?
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The U.S. is their (Marcus') main market. Wtih Goldman pulling back from the consumer banking business, I wonder if they'll even offer this to those in the U.K. If they do, expect a slow roll out.
 
KaliYoni said:
Interesting move by Apple and Marcus Bank/Goldman. I wonder how easy—or even possible—it will be to get funds out of the savings account and/or the Apple Pay ecosystem. It will also be interesting to see how the interest rate is set and how often it will be adjusted.
Click to expand...
I've been using T-Mobile's bank — it's fine. I don't suspect this will be very different.
 
macduke said:
Because most other investments are down? Hell, even my kid's 529 college fund is down and that uses the tried and true Vanguard fund. The only thing really making money right now for me is my high-yield 4.05% APY savings account through Wealthfront.
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With a 4.05% yield, you're losing money when inflation is at 6.4%. You're just losing less money compared to your kids' 529 fund :p
 
Might be something to look at. Put the Cash-Back earnings (usually like $6 or $7 bucks a week for me, give or take) into it and just let it sit.

I remember as a kid getting my first savings account (back in the late 1070s), and it getting like close to 3.5% interest or so (I forget). Though, the only money that went into it is like birthday and Christmas gift money.
 
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