Apple Card Savings Account

Shortly after the release of iOS 16 last fall, Apple announced plans for a new high-yield Savings account for Apple Card holders to provide them with a way to save and grow their Daily Cash rewards. The account promises to have no fees, no minimum deposits, and no minimum balance requirements.

The Apple Savings account acts as an alternative to depositing Daily Cash to an Apple Cash account, although users will also be able to deposit additional funds from a linked bank account or their Apple Cash balance at any time.

As with Apple Pay Later, this Savings account would be managed through the Wallet app and therefore requires an iOS 16 update to add the necessary pieces.