Apple Card users may soon be able to take advantage of the long-awaited savings account feature. The new Apple Card Savings Account, which was first announced in October 2021, is expected to be launched soon, as the company is reportedly making changes to its back-end code in preparation for a full launch.
The savings account feature will allow Apple Card users to deposit their Daily Cash rewards into a high-yield savings account within the Wallet app automatically. The balance of the savings account can also be tracked directly in the app, with a new “Savings Account” button in the Apple Card interface. In addition, users can deposit extra money using a linked bank account or their Apple Cash balance.
The account is operated in partnership with Goldman Sachs, which also manages the Apple Card. While the exact interest rate for the account has not been disclosed, Goldman Sachs’ existing online savings account offers an annual percentage yield of 3.75%.
This new feature is exclusively for Apple Card users, including owners and co-owners, and will be available only in the United States. With the launch of the Apple Card Savings Account feature, users can now easily manage and grow their savings.