Apple has finally introduced its Apple Card Savings Account

Following the initial announcement of the Apple Card high-yield savings account in October 2022, Apple officially introduced the service today for all its customers.

The Apple Card Savings account provides Apple Card holders with a personal Goldman Sachs savings account. The holders can use it to store Daily Cash and transfer monies to and from other bank accounts. Essentially, the service provides customers with an additional way to manage their funds in combination with their card.

The Apple Card Savings account, according to Apple, “offers a high-yield annual percentage yield of 4.15 percent” and has relatively few criteria for keeping it open. The account is absolutely free and has no minimum balance or deposit requirements. Users of these crds will be able to access their new Savings account in the same place they view the rest of their card information. When accessing card information, they will now see a tab for the account above the Latest Card Transactions heading. Signing up is also straightforward. Open the Wallet app, tap the three dots, then Daily Cash and the new Savings button, and then follow the on-screen instructions to create an account.

“Our goal is to build tools that help users lead healthier financial lives,” says Jennifer Bailey, Apple Pay and Apple Wallet vice president. “Building Savings into the Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly.” Apple has been progressively extending its financial services of late, and the Apple Card Savings account appears to be the company’s obvious next move as it continues to offer additional finance options.

Apple hasn’t formally addressed the Apple Card Savings account in a long time. However, today’s announcement and simultaneous launch are not entirely unexpected. We heard reports last week that the account would be available today due to certain language that appeared on Apple’s backend, but despite the leak, there was no official confirmation from the business until today. Based on how leakers properly predicted the launch of Apple Pay Later by inspecting the backend code, it appears that leaks are becoming more dependable when it comes to anticipating new Apple finance innovations.

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