Last October, Apple announced a new Savings account for Apple Card that would let users earn interest on their Daily Cash deposits right in the Wallet app. Six months later, it appears almost ready to launch, and could be here as early as April 17.
As spotted by @aaronp613 on Twitter, some “backend” code suggests Apple is preparing to launch the new feature within the coming weeks. Similar code was found referencing Apple Pay Later before it launched in a prerelease capacity last month. That service is only available to randomly selected users in the U.S.
Similarly, even if it launches in full, Apple Card Savings won’t be available to everyone once it arrives. It requires opening a separate Goldman Sachs savings account that will have its own eligibility requirements. However, there are “no fees, no minimum deposits, and no minimum balance requirements,” according to Apple. Users will also be able to have Daily Cash deposit automatically into Apple Card Savings and link outside bank accounts to transfer funds.
Apple hasn’t announced the interest rate for Apple Card Savings, but it’s likely to be significantly higher than the national average of 0.35 percent. Most high-yield savings accounts have rates between 3.5 percent and 4.5 percent.
Author: Michael Simon, Executive Editor
Michael Simon has been covering Apple since the iPod was the iWalk. His obsession with technology goes back to his first PC—the IBM Thinkpad with the lift-up keyboard for swapping out the drive. He's still waiting for that to come back in style tbh.