Apple Savings is expected to finally launch on April 17

AppleInsiderAppleInsider
Posted:
in iOS edited April 2023
The code for Apple's high-yield Savings account is live on the server's backend, and new examination of the code suggests that the launch will happen in the next few days.

Apple Savings may launch soon
Apple Savings may launch soon


Earlier on Thursday, Twitter user @aaronp613 discovered that the Apple Savings account backend is now active. It suggests Apple is finalizing the necessary steps to make the service available.

Aaron reexamined the code in a separate tweet and found a possible launch date for Monday, April 17. The code also suggests the Savings account will require iOS 16.3 or later to use the feature.

After re-examining the backend code, it seems like Apple Card Savings Accounts may go live on April 17

Additionally, it seems like the customized Chinese Apple Pay transit cards may go live on April 18 https://t.co/ljJxjqaIFy

-- Aaron (@aaronp613)


Customers can transfer their Daily Cash rewards from their Apple Card to their high-yield account in Apple Wallet when available. Goldman Sachs will provide the Savings account, just like the Apple Card.

In October, Apple revealed the savings account and promised it would be accessible soon. The function was mentioned in the release candidate notes for iOS 16.1, but it was not included in the final release.

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Comments

  • Reply 1 of 21
    cpsrocpsro Posts: 3,200member
    We'll be the judge of whether it's "high yield" or not.
    grandact73williamlondonbonoboblkrupp
  • Reply 2 of 21
    lewchenkolewchenko Posts: 122member
    Still waiting for any form of Apple Card or financial product in the UK. Given up hope. 
    williamlondonlkruppwatto_cobra
  • Reply 3 of 21
    JFC_PAJFC_PA Posts: 932member
    Just before Tax Day!
    williamlondonwatto_cobra
  • Reply 4 of 21
    chasmchasm Posts: 3,306member
    cpsro said:
    We'll be the judge of whether it's "high yield" or not.
    For a savings account, anything over two percent is considered “high yield,” which is ridiculous. 
    grandact73montrosemacswilliamlondonwatto_cobra
  • Reply 5 of 21
    jamnapjamnap Posts: 89member
    I have had a HY savings with Goldman Sachs (Marcus) for a few years now and the rate I am getting is almost 4% now with no mandatory requirements other than having to use the Marcus app for access (good App).  I am guessing Apple/GS will offer the same terms.  AENB also offers same rate HY savings account.
    ramanpfaffwatto_cobra
  • Reply 6 of 21
    chasmchasm Posts: 3,306member
    lewchenko said:
    Still waiting for any form of Apple Card or financial product in the UK. Given up hope. 
    Believe me, Apple would love nothing better than for Apple Card to be available in the UK, Canada, and throughout the EU — at the very least.

    The problem is the bank conglomerates. They hate giving up a (tiny) portion of THEIR fee to give to Apple, and Apple isn’t budging on not charging the consumer for this.

    Australia tried this and failed, and now Apple Card is huge there, as it is in the US. So if you’re in a country where you don’t have access to the Apple Card, now you know why.
    beowulfschmidtjas99williamlondonwatto_cobra
  • Reply 7 of 21
    decoderringdecoderring Posts: 51member
    I’ve given up it coming to Canada as well. It’s clear the banking industry, like the telco industry, is too well-protected to allow any real newcomers.
    twokatmewjas99lkruppwilliamlondonwatto_cobra
  • Reply 8 of 21
    chutzpahchutzpah Posts: 392member
    chasm said:
    lewchenko said:
    Still waiting for any form of Apple Card or financial product in the UK. Given up hope. 
    Believe me, Apple would love nothing better than for Apple Card to be available in the UK, Canada, and throughout the EU — at the very least.

    The problem is the bank conglomerates. They hate giving up a (tiny) portion of THEIR fee to give to Apple, and Apple isn’t budging on not charging the consumer for this.

    Australia tried this and failed, and now Apple Card is huge there, as it is in the US. So if you’re in a country where you don’t have access to the Apple Card, now you know why.
    Since when has Apple Card been available in Australia?

    I think you're confusing Apple Card and Apple Pay.  Apple Pay is already available in the UK, Canada and EU.
    edited April 2023 watto_cobra
  • Reply 9 of 21
    hammeroftruthhammeroftruth Posts: 1,313member
    Underwritten by SVB. Oh, wait. 
    watto_cobra
  • Reply 10 of 21
    chasmchasm Posts: 3,306member
    chutzpah said:
    Since when has Apple Card been available in Australia?

    I think you're confusing Apple Card and Apple Pay.  Apple Pay is already available in the UK, Canada and EU.
    You’re right, I was wrong. Brain neuron pathway malfunction, sorry about that.
    jas99watto_cobra
  • Reply 11 of 21
    MadbumMadbum Posts: 536member
    cpsro said:
    We'll be the judge of whether it's "high yield" or not.
    If it’s by Goldman, it will be same as Marcus Account, which is 3.75%

    Which is pretty good
    twokatmewwatto_cobra
  • Reply 12 of 21
    welshdogwelshdog Posts: 1,898member
    Will users be able to transfer funds into this account from other institutions?
    watto_cobra
  • Reply 13 of 21
    ramanpfafframanpfaff Posts: 135member
    Morgan Stanley now has a 4% savings account. I've pumped my cash there. Better than many good dividend stocks. I'm guessing Apple can't compete with others. 
    williamlondonwatto_cobra
  • Reply 14 of 21
    XedXed Posts: 2,573member
    Morgan Stanley now has a 4% savings account. I've pumped my cash there. Better than many good dividend stocks. I'm guessing Apple can't compete with others. 
    We'll likely see dividend stocks get a boost, but it'll be more conservative as there are more considerations to weigh, like profit/loss, investment options, if they'll be able to drop the dividend amount once the Fed rates go down without losing longterm investors, etc.

    I'm not sure I have any stocks with a yield lower than some high-yield savings accounts (HYSA), but I wouldn't sell it anyway as I'd be taxed on the gains from that sale. Any extra funds, including the gains from dividends can now go into a HYSA.

    What HYSA are you seeing with MS? All I see is their crappy one

    https://www.morganstanley.com/wealth-general/savingsratemonitor

    It looks like you have to go with a CD to get higher than 4% from MS.

    https://www.morganstanley.com/what-we-do/wealth-management/cd-savings
    watto_cobra
  • Reply 15 of 21
    XedXed Posts: 2,573member
    Madbum said:
    cpsro said:
    We'll be the judge of whether it's "high yield" or not.
    If it’s by Goldman, it will be same as Marcus Account, which is 3.75%

    Which is pretty good
    Now it's 3.90% and will probably rise again in the next month.
    watto_cobra
  • Reply 16 of 21
    XedXed Posts: 2,573member
    welshdog said:
    Will users be able to transfer funds into this account from other institutions?
    Probably as you can already do that with your Apple Cash card. I use that extensively so that my various financial institutions aren't directly connected to each other—they all pass through Apple Cash for an extra level of protection.
    watto_cobra
  • Reply 17 of 21
    igorskyigorsky Posts: 757member
    cpsro said:
    We'll be the judge of whether it's "high yield" or not.
    One thing for sure is We definitely will not be the judge.
    Xedwatto_cobra
  • Reply 18 of 21
    iOS_Guy80iOS_Guy80 Posts: 814member
    welshdog said:
    Will users be able to transfer funds into this account from other institutions?
    That is what I would like to know also. Wonder if there is a minimum to open the account?  I did read that you will be able to transfer funds from the savings account back to the cash card.
    watto_cobra
  • Reply 19 of 21
    XedXed Posts: 2,573member
    iOS_Guy80 said:
    welshdog said:
    Will users be able to transfer funds into this account from other institutions?
    That is what I would like to know also. Wonder if there is a minimum to open the account?  I did read that you will be able to transfer funds from the savings account back to the cash card.
    Are you looking for how this will occur or do you think it may not be possible? I ask because you can already pay for your GS Apple Card by linking to an ACH payment from your bank, and there have been wire and ACH payments to and from your Apple Cash Card since its inception.

    If you think it may not be possible then how would you get cash into your GS Apple Savings account?
    edited April 2023 watto_cobra
  • Reply 20 of 21
    Stabitha_ChristieStabitha_Christie Posts: 441member
    welshdog said:
    Will users be able to transfer funds into this account from other institutions?
    This is from the Apple press release announcing the savings accounts:

    "To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees."

    My reading of that is that you can transfer directly in or out of a linked account and do not need to go through Apple Cash. 

    You can read the press release here.

    edited April 2023 welshdogwatto_cobra
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