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Backend code on Apple’s servers discovered by Twitter user @aaronp613 (via MacRumors) reveals that tomorrow, April 17th, the Apple Card Savings Account will launch. Apple Card users will be able to earn interest on their Daily Cash balance after opening a Goldman Sachs high-yield savings account from the Wallet app on their iPhone handsets.
While the interest rate that this account will pay is not known, Goldman Sachs is currently offering an annual percentage yield of 3.75% for its Marcus high-yield savings account named after Goldman Sachs founder Marcus Goldman. Apple Cardholders get 2% to 3% cash back on purchases made using the card and Apple Pay. Users get 1% cash back on transactions that are paid for using the physical card.
To open the Apple Card Savings Account, open the Wallet app and tap on the Apple Card. Next, press the circle with three dots inside found at the top of the screen. Next, tap Daily Cash, and choose Set Up Savings. Once the account is all setup, Daily Cash balances will automatically go into the savings account and start earning interest. Apple Card holders could still decide if they want their Daily Cash balance added to their Apple Card balance instead.
After re-examining the backend code, it seems like Apple Card Savings Accounts may go live on April 17
Additionally, it seems like the customized Chinese Apple Pay transit cards may go live on April 18 https://t.co/ljJxjqaIFy
— Aaron (@aaronp613) April 13, 2023
Apple will launch a savings account where Apple Card users can earn interest on their Daily Cash balance
Besides putting their Daily Cash balances into the savings account, users will be able to deposit their own cash into the savings account via a linked bank account or from their Apple Cash balance. Withdrawals from the Apple Card Savings Account can also be made to a linked bank account with no fees.
Since the Apple Card is available in the United States only, the Apple Card Savings Account is also limited to those living in the States. The Apple Card is known for not charging users any fees. The tech giant promotes it by saying “No annual fees, no late fees, no foreign transaction fees. No fees. Really.” The Apple Card was unveiled by Apple in 2019.
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