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iOS 16.4 Lays Groundwork for Apple Cash High-Yield Savings Account

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Apple is preparing to release a new high-yield savings account option for Apple Card users, based on code that was found in the iOS 16.4 beta. The update lays the groundwork for the feature, which was announced in October.

Apple Card Savings
Since Apple announced plans for a high-yield savings account for the ‌Apple Card‌, it has not made any additional information available, including details on a launch. iOS 16.4 lays the groundwork for the feature, so it could be available alongside the iOS 16.4 release.

Code in iOS 16.4 has references to routing and account numbers, current balance, interest earned, data management, funds available for withdrawal, and more.

Apple will encourage customers to sign up for a savings account by providing a message that says "Transfer your Apple Cash balance to your savings account and start earning interest today" and "You can transfer up to [amount] from Apple Cash to your savings account in a single transaction and start earning interest today.

As with the ‌Apple Card‌, the high-yield savings account will be offered through Goldman Sachs. ‌Apple Card‌ owners will be able to opt-in to having their Daily Cash deposited automatically so that it can earn interest.

Apple has not yet provided the APR for the savings account that will be made available to ‌Apple Card‌ owners, and there is no mention in the code. There are also no signs of the savings account in the Wallet app as of yet.

The savings account and Daily Cash will be able to be managed through the Wallet app alongside the ‌Apple Card‌.

Related Forum: iOS 16

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Top Rated Comments

jayducharme Avatar
jayducharme
42 months ago
I'll keep my eye on this. Brick and mortar banks in my area are offering zero percent interest, so it's an easy bar to clear for Apple. I want to see what they mean by "high-yield".
Score: 7 Votes (Like | Disagree)
bradman83 Avatar
bradman83
42 months ago

Interesting move by Apple and Marcus Bank/Goldman. I wonder how easy—or even possible—it will be to get funds out of the savings account and/or the Apple Pay ecosystem. It will also be interesting to see how the interest rate is set and how often it will be adjusted.
There are plenty of online-only banks, like Discover, that offer savings accounts and I would assume the Apple account would support withdrawal transfers via ACH like the other online savings products.
Score: 7 Votes (Like | Disagree)
macduke Avatar
macduke
42 months ago

How can it beat inflation?
Because most other investments are down? Hell, even my kid's 529 college fund is down and that uses the tried and true Vanguard fund. The only thing really making money right now for me is my high-yield 4.05% APY savings account through Wealthfront. Once the recovery gets more legs under it I'll roll some more of my excess liquidity out of there into some stocks and crap, although I'm likely going to have to buy a car later this year and used cars are roughly 45 billion dollars now (about a Twitter) so that's fun can't wait.

I take that back. My 2011 Subaru Outback has gone up several thousand dollars in value. And my house has gone up about 50% in value. Those are my best investments right now, lol.
Score: 5 Votes (Like | Disagree)
ProfessionalFan Avatar
ProfessionalFan
42 months ago

Still US only years later.
Probably has more to do with your country and the regulations, than Apple deciding. So tell your politicians about it.
Score: 3 Votes (Like | Disagree)
rodpascoe Avatar
rodpascoe
42 months ago

Still US only years later.
Yep, came here to say the same. Where is the UK love?
Score: 3 Votes (Like | Disagree)
Black Belt Avatar
Black Belt
42 months ago
Looking forward to this as my current Apple Cash is just sitting there. I pay for everything with cards and accumulate all my rewards which is free money to pay for a vacation. Getting interest on it would be a plus.
Score: 2 Votes (Like | Disagree)
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