Apple Delays Daily Cash Savings Account for Apple Card Users
Apple has delayed a new feature that will provide Apple Card users with the option to have their Daily Cash earnings deposited into a high-yield savings account.
During the iOS 16.1 beta testing process, the feature was mentioned as a new Wallet app addition in the release notes for the Release Candidate version of the update, but in the notes for the final version of iOS 16.1, the mention is missing.
"Savings account enables Apple Card customers to grow their Daily Cash by depositing it in a high yield savings account," read the RC release notes.
Apple announced plans for the Apple Card savings account in mid-October, and while the company did not provide specific information on a launch date in the announcement other than suggesting it would be available "in the coming months," it was believed that the savings account would launch alongside iOS 16.1 given the mention in the RC notes for the update.
With no sign of the feature in iOS 16.1, it will now be coming at a later date. When Apple does implement the Apple Card savings account, it will have no minimum fees, no minimum deposits, and no minimum balance requirements. Apple will offer the account through Apple Card partner Goldman Sachs, but Apple has not yet said what the interest rate will be.
Apple Card users will be able to manage their savings accounts through the Wallet app, and once set up, all Daily Cash will be automatically deposited.
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