Apple Card Savings Account Likely Launching on April 17

Apple Card Savings will likely be available starting Monday, April 17, according to backend code on Apple's servers uncovered by @aaronp613. The code also suggests that an iPhone with iOS 16.3 or later will be required to use the feature.

apple card savings account april 17 feature
Apple Card users will be able to open a high-yield savings account from Goldman Sachs in the Wallet app on their iPhone and start earning interest on their Daily Cash balance. Apple has yet to reveal what the account's interest rate will be, but Goldman Sachs' existing Marcus high-yield savings account currently has a 3.75% APY.

In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees.

To open a savings account in the Wallet app, users will tap on the Apple Card, tap on the circle with three dots at the top of the screen, tap Daily Cash, and select Set Up Savings. Once the account is set up, all Daily Cash received from that point on will be automatically deposited into it and start earning interest. If they prefer, users will still be able to have Daily Cash added to their Apple Cash balance instead at any time.


Apple Card provides 2% to 3% Daily Cash on purchases made with Apple Pay and 1% on purchases made with the physical card. Apple's credit card remains available in the U.S. only, meaning this savings account feature will only be available there.

Apple first announced the savings account in October and said it would be available in the coming months. It's likely that Apple Card Savings has faced delays, as the feature was initially listed in the iOS 16.1 Release Candidate notes, but it did not end up launching with that update and is still not available six months after being announced.

Apple has gradually expanded into financial services over the past few years. The launch of Apple Card Savings would follow last month's limited rollout of Apple Pay Later, a "buy now, pay later" service for financing purchases made with Apple Pay.

Top Rated Comments

Return Zero Avatar
12 months ago
Friendly reminder: max out tax-advantaged accounts (401k, Roth IRA, etc) before putting a lot of dough into “high-yield” savings accounts. Roth is especially sweet because you can take your contributions out any time, so if you have a somewhat conservative portfolio and a small separate emergency fund, you can use it as a sort of “higher-yield” savings account (edit: although of course you can't tap into that yield until 59.5 without penalty).
Score: 8 Votes (Like | Disagree)
Apple Mac Daz Avatar
12 months ago
Just bring the damn card to the U.K
Score: 7 Votes (Like | Disagree)
Lounge vibes 05 Avatar
12 months ago

If the only cash I can put in this account is the Apple Card cash back it’s a No for me. This encourages spending not saving. ?
Literally read the article, it’s right in there.
“In addition to Daily Cash, users will be able to deposit their own funds into the savings account through a linked bank account, or from their Apple Cash balance. Users will be able to withdraw funds to a linked bank account at any time, with no fees.”
But raging is more fun than reading these days…
Score: 7 Votes (Like | Disagree)
zach-coleman Avatar
12 months ago
If they're going to be a bank now they really need a way to view this on something that isn't an iPhone. iPad and Mac apps would be nice.
Score: 6 Votes (Like | Disagree)
frumpywumpy Avatar
12 months ago

Friendly reminder: max out tax-advantaged accounts (401k, Roth IRA, etc) before putting a lot of dough into “high-yield” savings accounts. Roth is especially sweet because you can take your contributions out any time, so if you have a somewhat conservative portfolio and a small separate emergency fund, you can use it as a sort of “higher-yield” savings account.
Pretty sure this is not quite right. Per https://www.irs.gov/publications/p590b#en_US_2020_publink1000230955



Attachment Image
Score: 4 Votes (Like | Disagree)
k1121j Avatar
12 months ago
If the only cash I can put in this account is the Apple Card cash back it’s a No for me. This encourages spending not saving. ? ok I read that wrong I guess I can deposit moneys in it.
Score: 4 Votes (Like | Disagree)

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