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Apple Card Savings account could launch soon

Published Apr 13th, 2023 7:31AM EDT
Apple Card Savings account
Image: Apple Inc.

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After soft releasing Apple Pay Later, the Cupertino firm could be readying the Apple Card Savings account launch. According to Twitter user Aaron, Apple’s Savings account appears to be almost ready to be released, as it just showed up on the backend.

With Apple Pay Later, Apple launched the feature the day after it appeared on the backend. That being said, the Apple Card Savings account feature could be released at any moment now.

What’s the Apple Card Savings account, and how does it work?

With it, 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 company says there are no fees, minimum deposits, or minimum balance requirements. With that, users will be able to spend, send, and save Daily Cash directly from Wallet.

“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”

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.

Apple even says users can also deposit additional funds into their Saving account through a linked bank account or from their Apple Cash balance.

Apple Card users being able to set up a new Savings account comes at a time 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.

José Adorno Tech News Reporter

José is a Tech News Reporter at BGR. He has previously covered Apple and iPhone news for 9to5Mac, and was a producer and web editor for Latin America broadcaster TV Globo. He is based out of Brazil.