Apple Savings launch is imminent after signs of life spotted in code

Apple's high-yield Savings account could launch soon since the service is now active on the backend.

Apple announced the Apple Savings account in October 2022 with a wide release window of "the coming months." Nothing happened until March 2023 when Apple included the Savings account in its terms and conditions for Apple Card — inching it closer to release.

On Wednesday, a code sleuth known as @aaronp613 on Twitter shared that the Savings account backend is now active. That means Apple is taking the final steps to launch the service for users.

It isn't clear when the Savings account will launch. Apple could take it through a short testing period similar to what it did with Apple Pay Later.

Once launched, users will be able to direct their Daily Cash rewards earned from Apple Card in Apple Wallet into the high-yield account. Like the Apple Card, the Savings account will be provided by Goldman Sachs.

Apple could launch the Savings account at any time, as it likely won't be tied to a specific version of iOS. It is one of the last features announced in 2022 that has yet to release.

15 Comments

TheWickedtrader 1 Year · 8 comments

About 1 year ago

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

My useless input for the day... The Marcus product was named after Marcus Goldman, who founded the bank in 1869. :)

Stabitha_Christie 3 Years · 582 comments

About 1 year ago

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%.

Xed 4 Years · 2896 comments

About 1 year ago

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%.

Please post links to these FDIC insured accounts there are at 5%.

Xed 4 Years · 2896 comments

About 1 year ago

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

It would be foolish if it wasn't FDIC insured and being at or near Marcus's rate would make sense.

Xed 4 Years · 2896 comments

About 1 year ago

JP234 said:

Xed said:

Stabitha_Christie said:

JP234 said:

"Like the Apple Card, the Savings account will be provided by Goldman Sachs."

Does the Goldman Sachs involvement mean that the account will be FDIC insured? And just what does "high yield" mean to you? To me it's a meaningless expression. Could be anything, since there's no quantitive benchmark.

Currently, G-S savings account (called Marcus for some reason) has an APY of 3.75. Fidelity's Gov't, Money Market currently yields 4.51%. Not FDIC insured, but it's all government bonds with maturities of 90 days or less, and virtually no Money Market funds have "broken the buck," and BTW you can write checks with it.

There are several banks offering high yield savings accounts that get 5%.

Please post links to these FDIC insured accounts there are at 5%.

You don't need someone to do that for you. I found 6 on my own in less than 30 seconds.

I've found none that didn't come with some very severe caveats. I've found none that were like Marcus. So, please, what 6 did you find?