Reports suggest that Apple is gearing up to launch its Apple Card Savings account feature. Twitter user Aaronp613 recently found mentions of a Daily Cash Savings account in backend Apple code. The appearance of the code indicates that Apple has made significant progress in developing the savings account and it could launch as soon as this week.
Once the Apple Card Savings account feature launches, Apple Card users will be able to grow their rewards in the Wallet by automatically depositing their Daily Cash into a new high-yield Savings account from Goldman Sachs. The savings account will be managed using the Wallet app on iPhone or the Wallet section of the Settings app on the iPad. There are no fees, minimum deposits, or minimum balance requirements. Users will be able to spend, send, and save Daily Cash directly from Wallet.
This new feature is designed to help Apple Card users lead healthier financial lives by enabling them to grow their Daily Cash rewards over time while also saving for the future. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time. They can also deposit additional funds into their Saving account through a linked bank account or from their Apple Cash balance.
Apple’s new financial offering comes as the company is expanding its financial offerings with Apple Pay Later, while also giving users 3% Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants. The Apple Card Savings account feature is expected to be a popular addition to the Wallet app, as it will provide an easy-to-use tool for users to help them manage their finances and save for their future.