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Apple Card’s Upcoming High-Yield Savings Account Feature

April 12, 2023
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The highly sought-after Apple Card Savings Account may be coming soon, according to recent changes spotted in the Apples back-end code. Those familiar with Apple rumors, such as @aaronp613 on Twitter, have noticed the changes, believing them to hint at an imminent launch.

October saw the debut of Apple’s plans to develop this card-linked savings account, but no specific timeline was announced for its release. Shortly before the Apple Pay Later feature launched, though, the same Twitter user spotted the same new file in Apple’s back end that indicated their savings account feature was about to go ahead.

So, how does it work?

The new Apple Card Savings Account allows users to automatically deposit their Daily Cash rewards from the Apple Card into the account. This can also be done with additional money from a linked bank account or from their Apple Cash balance.

The new feature will make it easier than ever to track your balance with the high-yield savings account, all through the Wallet app. A new ‘Savings Account’ option will appear in the Apple Card interface, showing transactions and a chart of your deposit’s performance. Withdrawing money will also be straightforward, and handled through your bank.

Apple Card Savings Accounts, which are operated in partnership with financial experts Goldman Sachs, will offer a competitive annual interest rate of 3.75%. These accounts are only available to US users who are owners or co-owners of the Apple Card, and curiously restrictions do not allow non-Apple users to create one.

So with these recent changes in their back-end code, it looks like the launch of Apple Card Savings Account is one step closer. Does this news excite you? Leave your comments below – we would love to hear what you think!

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