Apple lets US users turn iPhones into saving accounts

18 Apr 2023

Image: © eyetronic/

The company has launched a no-fee, high-interest savings offering with Goldman Sachs, while there are reports iOS 17 will allow apps outside of Apple’s App store.

Apple is taking another step into the finance sector, with a new savings account offering for Apple Card users that has a (currently) high annual interest rate.

The company has teamed up with Goldman Sachs to offer an annual percentage yield (APY) of 4.15pc, along with no fees, minimum deposits or balance requirements.

The offer is available for Apple Card users and Apple has not given an indication if this will be expanded outside of the US in future. The company first announced plans to create a savings account offering last October.

After a savings account is set up, Apple said that all Daily Cash earned by a user will be automatically deposited into their account. Daily Cash is a reward system for Apple Card users that offers up to 3pc back on purchases.

The current APY is high compared to the US average on savings accounts, which stands at roughly 0.37pc according to the Federal Deposit Insurance Corporation. But a statement by Apple notes that its current APY could change “at any time”.

There are also other banking institutions in the US that offer similar rates, such as CIT Bank that offers a 4.75pc APY when customers deposit a minimum balance of $5,000, NBC News reports.

Apple Pay and Apple Wallet VP Jennifer Bailey said the savings account will provide users “an easy way to save money every day”.

“Our goal is to build tools that help users lead healthier financial lives, and building savings into Apple Card in Wallet enables them to spend, send and save Daily Cash directly and seamlessly – all from one place,” Bailey said.

Sideloading apps

Meanwhile, there are rumours that Apple is currently working to overhaul the software of the next iOS iteration to comply with EU regulations.

A Bloomberg report states that iOS 17 is being prepped to allow sideloading – or apps being downloaded from outside of Apple’s App store. Currently, Apple’s distribution system is closed, which means apps can only be downloaded from the company’s store.

This is similar to reports last December, which claimed Apple was working on changes to comply with the Digital Markets Act (DMA), a landmark batch of EU rules that aim to crack down on anti-competitive behaviour by Big Tech and level the playing field in digital markets.

The DMA pushes for greater competition within the EU to improve choices for consumers. It was approved earlier this year and is expected to come into force in 2024.

But Apple has been critical of the DMA in the past. In 2021, CEO Tim Cook said allowing alternate methods of putting apps onto iPhones would “destroy the security of the iPhone” and would not be in the “best interest of the user”.

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Leigh Mc Gowran is a journalist with Silicon Republic