Apple’s Savings Account service will be available in the near future
Announced last October in collaboration with Goldman Sachs, Apple is poised to launch the Apple Card Savings account service, which offers higher interest rates on deposits, potentially becoming available for public use soon.
As shared by Twitter users @aaronp613, this savings account service, integrated with Apple Card and allowing deposits in Daily Cash, is expected to become accessible within the United States in the near future.
Promoting higher interest rates for users’ deposits, the service imposes no management fees, minimum deposit amounts, or minimum balance restrictions.
Users can transfer funds from their Apple Cash or other bank accounts to the Apple Card Savings account to accumulate interest at higher rates. Daily Cash rewards earned through Apple Card expenditures can also be transferred to the savings account, allowing unused Daily Cash rewards to accrue interest.
Similar services, such as those offered by LINE Bank and Rakuten Bank’s online-only accounts, entice more deposits by providing higher interest rates, thus stimulating financial liquidity. Although Apple Card has reportedly applied for trademark patents in Taiwan, Hong Kong, and Japan, the service currently remains exclusive to the United States market.