Apple has updated Apple Card‘s terms and conditions which include the upcoming Savings account. This means that the high-yield account could launch soon.
The new account will allow users to save their Daily Cash, among other benefits, and grow their rewards in a Savings account from Goldman Sachs without any hidden fees, minimum deposits, or minimum balance requirements.
Apple Card Savings accounts will be accessed via Apple Wallet
In October 2022, the Apple Card Savings account was first announced in iOS 16.1 but it was not released in iOS 16.1 update and was delayed indefinitely. When iOS 16.1 was in beta testing, the release notes mentioned that the new Savings account would become available in the Wallet app for Apple Card holders. However, the public release of iOS 16.1 also did not include the Savings account.
Now, Bloomberg’s Mark Gurman has spotted references to the upcoming saving account in Apple Card’s updated terms and conditions; “Savings” means the savings account provided by us that can be accessed through Apple Wallet” and under the section labeled “How you receive Daily Cash” which explains that users can elect to have Daily Cash automatically appear in the Savings account or on the Apple Cash card.
Looks like Apple Card Savings accounts are approaching. Support for the feature was added today in an update to the Apple Card terms and conditions. pic.twitter.com/vqgooqumGK
— Mark Gurman (@markgurman) March 2, 2023
Wallet app on iOS allows users to store a digital version of their physical credit and debit cards, so they can easily make wireless payments through a tap of their iPhone and Apple Watch. As Apple Card is applied for through the Wallet app, it is housed in the app. Thus, it is the likely place for the new savings account as well.
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