Update April 13, 2023: New evidence now suggests Apple Pay Later is scheduled to go live on April 17, 2023.
Apple Card Savings Account, a new integration for the Wallet app first announced back in October, may finally be about to launch. Apple is reportedly making changes to its back-end code in preparation for a full launch of the new feature…
This change was first pointed out by @aaronp613 on Twitter, who spotted a new file in Apple’s back end promoting Apple Card Savings Account. While Apple announced its plans for Apple Card Savings Account back in October, the company didn’t share any specific timeline on when the feature would actually launch.
Changes to the back end were also how @aaronp613 was able to spot the impending launch of Apple Pay Later, just a day before the feature ultimately debuted.
Apple Card Savings Account will allow you to automatically deposit your Daily Cash rewards into the account. So as you earn Daily Cash with your Apple Card, that money can be automatically deposited into the high-yield savings account in the Wallet app.
In addition to depositing Daily Cash directly into the savings account, Apple Card users can also deposit additional money using a linked bank account or their Apple Cash balance.
Top comment by CyanBattery
If /GS starts with a 3.75% APR flat-rate, that's approaching credit union levels.
The real "sell" here would be the convenience and near-instant access to cash.
Users will also be able to track the balance of this high-yield savings account directly in the Wallet app. There will be a new “Savings Account” button in the Apple Card interface. Tapping on it will show a list of transactions and a chart showing the account’s growth. You’ll also be able to withdraw it to your bank easily.
Apple Card Savings Account will be operated in partnership with Goldman Sachs, which is also Apple’s partner for the Apple Card itself. There’s no word on what exact percentage rate the account will pay out in interest, but Goldman’s existing online savings account offers an annual percentage yield of 3.75%.
The new savings account will only be available to Apple Card users, including owners and co-owners. Apple Card is only available in the United States.
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