Last October, Apple announced a new Apple Card savings account that allows users to earn interest on their daily deposits in the Wallet app. Six months later, it looks almost ready to launch and could be here as early as April 17.
As noted by @aaronp613 on Twitter, some “backend” code suggests that Apple is preparing to launch the new feature in the coming weeks. Similar code was found it referring to Apple Pay Later before launching in a prerelease capacity last month. That service is only available to randomly selected users in the US
Likewise, even if it launches in full, Apple Card Savings won’t be available to everyone once it arrives. It requires opening a separate Goldman Sachs savings account which has its own eligibility requirements. However, there are “no fees, no minimum deposits, and no minimum balance requirements,” according to Apple. Users can also have Daily Cash automatically deposited into Apple Card Savings and link external bank accounts to transfer funds.
Apple has not announced the interest rate for Apple Card Savings, but it will likely be significantly higher than the national average of 0.35 percent. Most high-yield savings accounts have rates between 3.5 percent and 4.5 percent.
