New High-Yield Savings Account Apple Card Savings Launching on April 17

John Lopez, Tech Times 13 April 2023, 02:04 pm

Apple Card users in the United States are in for a treat with the launch of a new high-yield savings account, Apple Card Savings, on April 17.

This feature, available through Goldman Sachs via the Wallet app on iPhones running iOS 16.3 or later, will allow users to earn interest on their Daily Cash balance.

According to MacRumors, this news was made possible by backend code discovered on Apple's servers by @aaronp613.

Apple Card Savings: In The Know

MacRumors tells us that Apple still needs to disclose the interest rate for the new account. Goldman Sachs' Marcus high-yield savings account, on the other hand, offers a competitive 3.75% APY.

Apple Card users can deposit funds into their savings account using a linked bank account or their Apple Cash balance. They can also withdraw funds from a linked bank account at any time without incurring fees.

How to Open a Savings Account

To begin, MacRumors explains that users must select the Apple Card from their Wallet app, tap the three-dot circle at the top of the screen, tap Daily Cash, and then Set Up Savings.

All Daily Cash received after that point will be automatically deposited into the savings account, though users can still choose to have Daily Cash added to their Apple Cash balance.

This announcement follows the limited rollout of Apple Pay Later, which provides financing options for Apple Pay purchases. Apple has been gradually expanding its footprint in the financial services sector in recent years, with the introduction of the Apple Card being a significant milestone in this direction.

More About Apple Card Savings

The savings account has been in the works since October 2022, but its release has been delayed. The feature was first mentioned in the notes for iOS 16.1 Release Candidate.

Despite the delay, Apple Card users can still earn between 1% and 3% Daily Cash on Apple Pay purchases. Regardless, the card is currently only available in the United States.

The Apple Card Savings feature is expected to appeal to users looking for a quick and easy way to earn interest on cash balances.

Though the lack of interest rate information may deter some users, the ability to deposit their funds into the savings account is likely to be a major selling point.

In More Apple News

Apple has announced plans to increase the use of recycled materials in its products. By 2025, Apple hopes to use 100% recycled cobalt in its batteries.

Furthermore, by 2025, all Apple-designed printed circuit boards will use 100% recycled tin soldering and 100% recycled gold plating, and magnets in Apple devices will use 100% recycled rare earth elements.

In 2022, Apple made significant progress, sourcing over two-thirds of all aluminum, nearly three-quarters of all rare earth, and more than 95% of all tungsten in Apple products from 100% recycled material.

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