Last week, Goldman Sachs clarified the impending Daily Cash savings account feature in modifying the Apple Card User Agreement. The slight modifications to the agreement signal an impending release of the functionality.
The Daily Cash section of your Apple Card Customer Agreement has been amended to clarify making a Daily Cash Election and using accrued. Still, according to an email delivered to Apple Card holders this week, unredeemed Daily Cash.
Apple first revealed the savings account option in October with the phrase “in the coming months.” The business, however, has yet to comment on the plans subsequently. With no fees, minimum deposits, or minimum balance requirements, the functionality will let Apple Card holders open a high-yield savings account with Apple’s banking partner Goldman Sachs and receive interest on the Daily Cash deposited.
The savings account will be controlled using the iPhone’s Wallet app, like the Apple Card. Apple still needs to disclose the APY on the account. The current Marcus savings account from Goldman Sachs has a starting rate of 3.75%.
The release notes for the iOS 16.1 Release Candidate first mentioned the savings account. However, it did not go live with that update and is still unavailable. With the iOS 16.4 beta code, Apple is still laying the basis for the functionality.
The Apple credit card was introduced in 2019 and is still only offered in the United States.
