Apple Savings launch is imminent after signs of life spotted in code

AppleInsider

Apple's high-yield Savings account could launch soon since the service is now active on the backend.

Apple Savings account

Apple announced the Apple Savings account in October 2022 with a wide release window of "the coming months." Nothing happened until March 2023 when Apple included the Savings account in its terms and conditions for Apple Card -- inching it closer to release.

On Wednesday, a code sleuth known as @aaronp613 on Twitter shared that the Savings account backend is now active. That means Apple is taking the final steps to launch the service for users.

It isn't clear when the Savings account will launch. Apple could take it through a short testing period similar to what it did with Apple Pay Later.

Once launched, users will be able to direct their Daily Cash rewards earned from Apple Card in Apple Wallet into the high-yield account. Like the Apple Card, the Savings account will be provided by Goldman Sachs.

Apple could launch the Savings account at any time, as it likely won't be tied to a specific version of iOS. It is one of the last features announced in 2022 that has yet to release.

Read on AppleInsider

thewickedtrader

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

My useless input for the day... The Marcus product was named after Marcus Goldman, who founded the bank in 1869. 

stabitha_christie

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

xed

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

xed

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

It would be foolish if it wasn't FDIC insured and being at or near Marcus's rate would make sense.

xed

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

xed

JP234 said:

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

No way I'm working for you for free! Try this search: 5% APY Savings Account

Again, caveats, but it's OK that you can't prove your claims. We've all grown accustomed to you never proving what you claim.

chutzpah

Xed said:

JP234 said:

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

No way I'm working for you for free! Try this search: 5% APY Savings Account

Again, caveats, but it's OK that you can't prove your claims. We've all grown accustomed to you never proving what you claim.

Who said there weren't caveats?

grandact73

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

Try harder? There are many available with no "severe caveats".

stabitha_christie

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

But you found them, right?

Yes, many of them have minimum deposits. Some of them have other restrictions. 

I didn't say there were 5% interest savings accounts with no restrictions, I didn't say there were 5% savings accounts that meet your exact needs. What I said was there were several banks offering 5% savings accounts and you know what? There are ... and it seems you found them. 

xed

Stabitha_Christie said:

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

But you found them, right?

Yes, many of them have minimum deposits. Some of them have other restrictions. 

I didn't say there were 5% interest savings accounts with no restrictions, I didn't say there were 5% savings accounts that meet your exact needs. What I said was there were several banks offering 5% savings accounts and you know what? There are ... and it seems you found them. 

This reminds me of when the Apple Card was announced and people using the same rational as you and JP234 were saying how much 2% back sucked when there are cards with more back, but you'd be referring to cards with annual fees and for select types of purchases. Details matter.

You may as well claim that the MacBook Pro is an overpriced piece of shit when there are laptops for $400 with 1TB of storage in them, even if that's a shitty laptop with an HDD and not an SSD. Details matter.

edited April 2023

stabitha_christie

Xed said:

Stabitha_Christie said:

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

But you found them, right?

Yes, many of them have minimum deposits. Some of them have other restrictions. 

I didn't say there were 5% interest savings accounts with no restrictions, I didn't say there were 5% savings accounts that meet your exact needs. What I said was there were several banks offering 5% savings accounts and you know what? There are ... and it seems you found them. 

This reminds me of when the Apple Card was announced and people using the same rational as you and JP234 were saying how much 2% back sucked when there are cards with more back, but you'd be referring to cards with annual fees and for select types of purchases. Details matter.

You may as well claim that the MacBook Pro is an overpriced piece of shit when there are laptops for $400 with 1TB of storage in them, even if that's a shitty laptop with an HDD and not an SSD. Details matter.

It really bothers you that you were wrong, doesn't it? Enjoy all that grasping as straws!

edited April 2023

chutzpah

Xed said:

Stabitha_Christie said:

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

But you found them, right?

Yes, many of them have minimum deposits. Some of them have other restrictions. 

I didn't say there were 5% interest savings accounts with no restrictions, I didn't say there were 5% savings accounts that meet your exact needs. What I said was there were several banks offering 5% savings accounts and you know what? There are ... and it seems you found them. 

This reminds me of when the Apple Card was announced and people using the same rational as you and JP234 were saying how much 2% back sucked when there are cards with more back, but you'd be referring to cards with annual fees and for select types of purchases. Details matter.

You may as well claim that the MacBook Pro is an overpriced piece of shit when there are laptops for $400 with 1TB of storage in them, even if that's a shitty laptop with an HDD and not an SSD. Details matter.

The only claim was that there are accounts out there that return 5%.  Calm down bro.

soli

chutzpah said:

Xed said:

Stabitha_Christie said:

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

But you found them, right?

Yes, many of them have minimum deposits. Some of them have other restrictions. 

I didn't say there were 5% interest savings accounts with no restrictions, I didn't say there were 5% savings accounts that meet your exact needs. What I said was there were several banks offering 5% savings accounts and you know what? There are ... and it seems you found them. 

This reminds me of when the Apple Card was announced and people using the same rational as you and JP234 were saying how much 2% back sucked when there are cards with more back, but you'd be referring to cards with annual fees and for select types of purchases. Details matter.

You may as well claim that the MacBook Pro is an overpriced piece of shit when there are laptops for $400 with 1TB of storage in them, even if that's a shitty laptop with an HDD and not an SSD. Details matter.

The only claim was that there are accounts out there that return 5%.  Calm down bro.

I don't think it's wrong to expect forum members to be forthcoming or expect transparency in their comments when they're making bold claims. While they may not be liable for a crime by claiming that x is better than y, it sure lends to their credibility on the forum when they present facts without obscuring pertinent information to try to win an argument or falsely prove someone wrong. After reading all these comments I can't imagine choosing any of these 5% saving accounts that can't be vetted and got people some of commenters upset when details were requested and evidence that they had provisions and restrictions attached. We have to collectively acknowledge that the shadows on cave wall are not all there is to observe.

stabitha_christie

Soli said:

chutzpah said:

Xed said:

Stabitha_Christie said:

Xed said:

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%. 

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?

But you found them, right?

Yes, many of them have minimum deposits. Some of them have other restrictions. 

I didn't say there were 5% interest savings accounts with no restrictions, I didn't say there were 5% savings accounts that meet your exact needs. What I said was there were several banks offering 5% savings accounts and you know what? There are ... and it seems you found them. 

This reminds me of when the Apple Card was announced and people using the same rational as you and JP234 were saying how much 2% back sucked when there are cards with more back, but you'd be referring to cards with annual fees and for select types of purchases. Details matter.

You may as well claim that the MacBook Pro is an overpriced piece of shit when there are laptops for $400 with 1TB of storage in them, even if that's a shitty laptop with an HDD and not an SSD. Details matter.

The only claim was that there are accounts out there that return 5%.  Calm down bro.

I don't think it's wrong to expect forum members to be forthcoming or expect transparency in their comments when they're making bold claims. While they may not be liable for a crime by claiming that x is better than y, it sure lends to their credibility on the forum when they present facts without obscuring pertinent information to try to win an argument or falsely prove someone wrong. After reading all these comments I can't imagine choosing any of these 5% saving accounts that can't be vetted and got people some of commenters upset when details were requested and evidence that they had provisions and restrictions attached. We have to collectively acknowledge that the shadows on cave wall are not all there is to observe.

Okay, I’m the person that brought up 5% savings accounts. So essentially I’m who you are are suggesting was not transparent, making bold claims and obfuscating. 

I going to go ahead and call BS. If you read the tread, as you claimed, you would have seen the context of what I was talking about. But you, like Xed have failed on that front. 

The person I was responding to was talking about interest from savings accounts and money market accounts. They had noted that the money market account had a better interest related and while stable wasn’t FDIC insured. That meant there was some risk. I was pointing out that currently you could beat that particular money market account and be FDIC insured. 

That’s it. That was the entire point. There was no lack of transparency. No obfuscation. There was just lack of comprehension on the part of you and Xed. Hell, the person I was actually talking to agreed with my response.