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Apple is expected to launch a new savings account feature for Apple Card users, according to reports from Twitter user Aaronp613. The code snippets discovered in the backend of the Apple system suggest that the Daily Cash Savings account will be introduced very soon.
Previous Apple Pay Later references were also found in the code the day before its launch on March 28, indicating that the savings account feature could be launched as early as this week.
The discovered code contains terms of service for the savings account, as well as images that Apple is likely to use for the feature in the Wallet app and other locations. It mentions iOS 16.3, but it is not yet clear if iOS 16.3 will be required to sign up for and use the account.
Last October, Apple announced its plans to introduce a high-yield savings account for Apple Card users to store Daily Cash. All Daily Cash earned will be automatically deposited into the account. However, there has not been an update on the matter since then.
The savings account feature will be managed using the Wallet app on iPhone or the Wallet section of the Settings app on the iPad, and Apple Card users can sign up for the account through Goldman Sachs, Apple’s financial partner for the Apple Card.
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Users can also change the delivery location of their Daily Cash in the future and deposit additional funds into the savings account through a linked bank account or an Apple Cash balance. There are no fees or penalties for withdrawing funds at any time.
