Apple announced its savings account last October, but since then there hasn't been much news as to when the feature will be hitting our iPhones. Now, Twitter user aaronp613 has found evidence in the back end of iOS 16 and answered some questions from other users about when the new feature might come out.
Aaron goes on to say that the feature could be coming in the next few days, referencing the recent rollout of the Apple Pay Later scheme, which showed up in the code the night before it launched.
Apple savings account coming soon?
Exclusive: Apple's Savings Account appears to be launching soon as it just showed up on the backend! pic.twitter.com/WqdL1tCcxQApril 12, 2023
The Apple Card announcement came last year, with some big features for the savings account. Run through Goldman Sachs, the account allows you to add daily money to an account to bolster savings, and gain what Apple calls 'rewards'. Users need to already have an Apple Card, but then they can open a high-yield savings account.
The feature is very obviously not out yet, but it's obvious that Apple now wants to make more headway into the money and accounts space, adding on to Apple Card and Apple Wallet. In a Press release from last October, Jennifer Bailey, Apple's VP of Apple Pay and Apple Wallet said "Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
This news that the savings account feature could be on its way sooner than first thought adds another notch to Apple's finance belt. The rewards that come packaged into the account make it a tempting offer as well, with benefits like Apple Card users receiving three percent 'Daily Cash' on Apple Card payments with Apple Pay with Apple and other merchants such as Uber and Uber Eats.
So we might see the feature soon – and with it will undoubtedly come some updates to the Apple Wallet function within iOS on the best iPhones.
