Apple Card's Savings Account Feature Nears Launch
Goldman Sachs this week updated its Apple Card Customer Agreement to provide additional clarity about the upcoming Daily Cash savings account feature. The changes in the agreement are minor, but suggest that the feature's launch is approaching.
"The Daily Cash section of your Apple Card Customer Agreement has been updated to provide additional clarity related to making a Daily Cash Election and use of accrued but unredeemed Daily Cash," reads an email sent to Apple Card holders this week.
Apple first announced the savings account option in October and said it would be available "in the coming months," but the company has not commented on the plans since. The feature will allow Apple Card users to open a high-yield savings account from Apple's financial partner Goldman Sachs and earn interest on the Daily Cash deposited, with no fees, no minimum deposits, and no minimum balance requirements.
Like the Apple Card, the savings account will be managed through the Wallet app on the iPhone. Apple has yet to reveal what the account's APY will be, but Goldman Sachs' existing Marcus savings account currently starts at 3.75%.
The savings account was initially listed in the release notes for the iOS 16.1 Release Candidate, but it did not end up launching with that update and is still not available. Apple continues to lay the groundwork for the feature in iOS 16.4 beta code.
Apple's credit card launched in 2019 and remains available in the U.S. only.
Popular Stories
Following over three months of beta testing, iOS 18 was finally widely released to the public on Monday, September 16. The update is available in the Settings app under General → Software Update on the iPhone XS and newer. Below, we have highlighted eight key new features included in iOS 18, and Apple shared a complete list of new features and changes last week. Note that Apple...
It's that time of year again. Apple is about to release iOS 18, which promises to bring a range of new features and improvements to iPhones worldwide. It's Apple's biggest software update of the year, and the company is expected to release it sometime today – Monday, September 16. Based on past releases, the update is likely to drop at around 10:00 a.m. Pacific Time/1:00 p.m. Eastern...
Apple's iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models simultaneously, which is why we sometimes get rumored feature leaks so far ahead of launch. The iPhone 17 series is no different – already we have some idea of what to expect from Apple's 2025 smartphone lineup. If you plan to skip...
Apple will likely hold another event in October this year to announce new Macs and iPads. If so, it would be the fourth time in the last five years that Apple has held an event in October. Last year, Apple held a virtual event on Monday, October 30 to announce new MacBook Pro and iMac models with the M3 series of chips. In his Power On newsletter today, Bloomberg's Mark Gurman reiterated...
Apple analyst Ming-Chi Kuo today said demand for the iPhone 16 Pro and iPhone 16 Pro Max has been "lower than expected" since the devices became available to pre-order in the U.S. and dozens of other countries on Friday. Kuo said his data is based on a "supply chain survey" and shipping estimates listed on Apple's online store. Kuo estimated that sales of all four iPhone 16 models reached...
iOS 18 will be released to the public on Monday, but the first Apple Intelligence features will not be available until iOS 18.1 is released in October. Apple Intelligence features will continue to roll out in iOS 18.2 and beyond, with the expected roadmap outlined below per Apple's website and rumors. Apple Intelligence requires an iPhone 15 Pro model or any iPhone 16 model, and it will...
