Apple Savings is expected to finally launch on April 17

AppleInsider · April 13, 2023 2:54PM

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

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)
April 13, 2023

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.

Read on AppleInsider

cpsro · April 13, 2023 4:35PM

We'll be the judge of whether it's "high yield" or not.

lewchenko · April 13, 2023 5:24PM

Still waiting for any form of Apple Card or financial product in the UK. Given up hope.

jfc_pa · April 13, 2023 6:57PM

Just before Tax Day!

chasm · April 13, 2023 7:22PM

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.

jamnap · April 13, 2023 7:28PM

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.

chasm · April 13, 2023 7:29PM

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.

decoderring · April 13, 2023 10:28PM

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.

chutzpah · April 13, 2023 10:30PM

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

hammeroftruth · April 13, 2023 10:57PM

Underwritten by SVB. Oh, wait.

chasm · April 14, 2023 3:25AM

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.

madbum · April 14, 2023 4:38AM

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

welshdog · April 14, 2023 3:21PM

Will users be able to transfer funds into this account from other institutions?

ramanpfaff · April 14, 2023 4:13PM

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.

xed · April 14, 2023 4:50PM

ramanpfaff said:

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

xed · April 14, 2023 4:51PM

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.

xed · April 14, 2023 4:53PM

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.

igorsky · April 14, 2023 5:12PM

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.

ios_guy80 · April 14, 2023 5:17PM

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.

xed · April 14, 2023 5:36PM

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

stabitha_christie · April 14, 2023 8:02PM

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

Apple Savings is expected to finally launch on April 17

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