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.

Apple Card Savings
"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.

Top Rated Comments

Andres Cantu Avatar
15 months ago
Imagine getting a 1099-INT form from Apple ?
Score: 10 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
15 months ago
Hopefully, it's coming within two weeks with the launch of the yellow iPhone 14.

I need this feature asap so I can save up to afford the unlikeable Apple AR/VR headset.
Score: 9 Votes (Like | Disagree)
TonyC28 Avatar
15 months ago
Anything is better than Chase Savings at 0.01% interest.
Score: 9 Votes (Like | Disagree)
captainslim Avatar
15 months ago

Can you still use the apple cash card or some form of card to spend whatever money is in this account?
It doesn’t make sense ever to spend what’s in your Apple Cash account using the Apple Cash card. You’re better off transferring the money to your bank (or leaving it in your Apple savings account, when that comes) and using your Apple Card to make the purchase. If you use the Apple Cash card to spend the money, you lose the 2-3% you would have made using your Apple Card instead.
Score: 5 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
15 months ago

What banks pay above 4%?
The highest I’ve seen is Ally's savings bank account. 3.40%. Worth it!


https://www.ally.com/bank/online-savings-account/

Attachment Image
Score: 4 Votes (Like | Disagree)
TheYayAreaLiving ?️ Avatar
15 months ago

Baskbank is 4.25% right now for a savings account with no min or fees. Most of the others that pay decent interest are around that 3.4%.

Baskbank is 4.25% on a savings account, but you can also get an 11 month CD with CapitalOne at 5%.
Thanks! Never heard of the Baskbank. Wonder if this is a small bank.
Score: 4 Votes (Like | Disagree)

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