Apple is expected to unveil the Apple Card Savings Account tomorrow, April 17th.
) reveals that tomorrow, April 17th, the Apple Card Savings Account will launch. Apple Card users will be able to earn interest on their Daily Cash balance after opening a Goldman Sachs high-yield savings account from the Wallet app on their iPhone handsets.
While the interest rate that this account will pay is not known, Goldman Sachs is currently offering an annual percentage yield of 3.75% for its Marcus high-yield savings account named after Goldman Sachs founder Marcus Goldman.Cardholders get 2% to 3% cash back on purchases made using the card and Apple Pay. Users get 1% cash back on transactions that are paid for using the physical card.
To open the Apple Card Savings Account, open the Wallet app and tap on the Apple Card. Next, press the circle with three dots inside found at the top of the screen. Next, tap Daily Cash, and choose Set Up Savings. Once the account is all setup, Daily Cash balances will automatically go into the savings account and start earning interest. Apple Card holders could still decide if they want their Daily Cash balance added to their Apple Card balance instead.
After re-examining the backend code, it seems like Apple Card Savings Accounts may go live on April 17
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