Based on code discovered in the iOS 16.4 beta, Apple is ready to launch a new high-yield savings account option for Apple Card users. The change prepares the way for the function, declared in October.
Apple hasn’t provided any new details, such as information on a launch, since it first revealed plans for a high-yield savings account for the Apple Card. The foundation is set in iOS 16.4 for the functionality to be released along with iOS 16.4.
Routing and account numbers, the current balance, interest accrued, data management, the amount of money available for withdrawal, and other information are all mentioned in the code in iOS 16.4.
Apple aims to motivate its customers to enroll in a savings account by displaying a prompt that suggests transferring their Apple Cash balance to their savings account to earn interest instantly. The message would also inform the customers that they can transfer a maximum of [amount] from their Apple Cash to their savings account in one transaction, allowing them to begin earning interest immediately
The high-yield savings account will be made available through Goldman Sachs, just like the Apple Card. Owners of Apple Cards will be able to choose to automatically deposit their Daily Cash so that it can earn interest.
The APR for the savings account owners of Apple Cards would have access to has yet to be disclosed by Apple, and there is no mention of it in the code. Moreover, the savings account is not shown in the Wallet app.
The Wallet app and the Apple Card can be used to manage savings accounts and Daily Cash.
