Apple seems to be on the verge of launching the Daily Cash savings account feature for its Apple Card users, as backend code referencing the account has been discovered by Aaronp613. The presence of this code suggests that Apple has advanced its work on the savings account, and the feature could be introduced in the near future. Previously, code references for Apple Pay Later appeared a day before its March 28 launch, indicating that the Apple Card savings account might be launched as early as this week.
Exclusive: Apple's Savings Account appears to be launching soon as it just showed up on the backend! pic.twitter.com/WqdL1tCcxQ
— Aaron (@aaronp613) April 12, 2023
The discovered code includes the terms of service and images for the Wallet app and other locations. While the code mentions iOS 16.3, it remains unclear whether the update will be necessary for signing up and using the account.
Apple announced in October its plans to offer a “high-yield” savings account for Apple Card users to store their Daily Cash, with all earnings automatically deposited into the account. Although the company mentioned the account would be available “in the coming months”, there have been no updates since.
Apple Card users can sign up for the savings account through Goldman Sachs, Apple’s financial partner for the Apple Card. The Wallet app on the iPhone or the Wallet section of the Settings app on the iPad will manage the account, similar to the Apple Card.
Users can choose where their Daily Cash is delivered and deposit additional funds into the savings account through a linked bank account or Apple Cash balance. Withdrawals can be made at any time without fees or penalties.