Another step to be a bank, Apple Card with savings account. Apple has innovated a new feature that allows Apple Card users to deposit their Daily Cash rewards into a high-yield savings account.
Little by little, the Apple Card is moving away from being a simple credit card and is closer to being a set of financial services that we could well qualify as a bank. Or what precedes just before a bank.
We are close if there are no delays to start seeing the Apple Pay Later service, which will allow you to pay in installments without interest for purchases without depending on any bank and using Apple’s own capital as collateral, and now the Apple Card will launch another interesting service, a savings account integrated into the card.
At the moment, Apple hasn’t announced a release date for the feature, but the iOS 16.1 release notes indicate that the new savings account option will be included in next week’s update.
The savings account allows Apple Card customers to increase their daily liquidity by depositing it in a high-interest savings account.
During the iOS 16.1 beta testing process, the feature was mentioned as a new addition to the Wallet app in the updated release candidate notes, but not in the final iOS 16.1 release notes.
Apple announced its plans for the Apple Card Savings Account in mid-October, and while the company didn’t provide details on a launch date, it said it would be available “in the coming months.”
The account would launch alongside iOS 16.1, as noted in the update’s RC notes.
Apple today shipped the release candidate for iOS 16.1 to developers, as well as release candidates for macOS Ventura, tvOS 16.1, iPadOS 16.1, and watchOS 9.1. With these releases, the company has also released the full release notes for each update.
In the iOS 16.1 release notes, Apple confirms that the update will add support for the new integrated savings account feature and support for sharing keys in the Home app.
Apple Card with savings account.
The Savings Account allows Apple Card customers to top up their daily cash by depositing it into a high-interest savings account.
Users will be able to monitor the balance of this high-interest savings account directly in the wallet app.
In the Apple Card interface, there will be a new “Savings Account” button. Pressing it will bring up a list of transactions and a graph showing account growth.
As the feature is not included in iOS 16.1, it will arrive at a later date. When Apple introduces the Apple Card Savings Account, there are no minimum fees, no minimum deposits, and no minimum balance required.
Apple will offer the account through Apple Card partner Goldman Sachs, but has not yet announced what the interest rate will be.
Goldman’s online savings checking account offers an annual return equivalent to 2.15%.
Apple Card users can manage their savings accounts through the Wallet app, and once set up, all daily cash is automatically deposited.
We will closely follow all the news about this excellent application and financial tool that will undoubtedly put Apple back on top.