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

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
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.

Related Forum: iOS 16

Top Rated Comments

bradman83 Avatar
15 months ago

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.
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.
Score: 7 Votes (Like | Disagree)
jayducharme Avatar
15 months ago
I'll keep my eye on this. Brick and mortar banks in my area are offering zero percent interest, so it's an easy bar to clear for Apple. I want to see what they mean by "high-yield".
Score: 7 Votes (Like | Disagree)
macduke Avatar
15 months ago

How can it beat inflation?
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.
Score: 5 Votes (Like | Disagree)
ProfessionalFan Avatar
15 months ago

Still US only years later.
Probably has more to do with your country and the regulations, than Apple deciding. So tell your politicians about it.
Score: 3 Votes (Like | Disagree)
rodpascoe Avatar
15 months ago

Still US only years later.
Yep, came here to say the same. Where is the UK love?
Score: 3 Votes (Like | Disagree)
munpip214 Avatar
15 months ago
I would like to see Apple Cash just become the savings account instead of adding yet another account.
Score: 2 Votes (Like | Disagree)

Popular Stories

iOS 18 Siri Integrated Feature

iOS 18 Will Add These New Features to Your iPhone

Friday April 12, 2024 11:11 am PDT by
iOS 18 is expected to be the "biggest" update in the iPhone's history. Below, we recap rumored features and changes for the iPhone. iOS 18 is rumored to include new generative AI features for Siri and many apps, and Apple plans to add RCS support to the Messages app for an improved texting experience between iPhones and Android devices. The update is also expected to introduce a more...
iPhone 16 Camera Lozenge 2 Colors

iPhone 16 Plus Rumored to Come in These 7 Colors

Wednesday April 10, 2024 3:52 am PDT by
Apple's iPhone 16 Plus may come in seven colors that either build upon the existing five colors in the standard iPhone 15 lineup or recast them in a new finish, based on a new rumor out of China. According to the Weibo-based leaker Fixed focus digital, Apple's upcoming larger 6.7-inch iPhone 16 Plus model will come in the following colors, compared to the colors currently available for the...
apple silicon feature joeblue

Macs to Get AI-Focused M4 Chips Starting in Late 2024

Thursday April 11, 2024 10:10 am PDT by
Apple will begin updating its Mac lineup with M4 chips in late 2024, according to Bloomberg's Mark Gurman. The M4 chip will be focused on improving performance for artificial intelligence capabilities. Last year, Apple introduced the M3, M3 Pro, and M3 Max chips all at once in October, so it's possible we could see the M4 lineup come during the same time frame. Gurman says that the entire...
top stories 13apr2024

Top Stories: M4 Mac Roadmap Leaked, New iPads in Second Week of May, and More

Saturday April 13, 2024 6:00 am PDT by
Apple's hardware roadmap was in the news this week, with things hopefully firming up for a launch of updated iPad Pro and iPad Air models next month while we look ahead to the other iPad models and a full lineup of M4-based Macs arriving starting later this year. We also heard some fresh rumors about iOS 18, due to be unveiled at WWDC in a couple of months, while we took a look at how things ...
new best buy blue

Best Buy Opens Up Sitewide Sale With Record Low Prices on M3 MacBook Air, iPad, and Much More

Saturday April 13, 2024 7:41 am PDT by
Best Buy this weekend has a big sale on Apple MacBooks and iPads, including new all-time low prices on the M3 MacBook Air, alongside the best prices we've ever seen on MacBook Pro, iPad, and more. Some of these deals require a My Best Buy Plus or My Best Buy Total membership, which start at $49.99/year. In addition to exclusive access to select discounts, you'll get free 2-day shipping, an...