The success of Apple Pay is proving that the tech giant is on to greener pastures when it comes to banking. It appears that they are starting a new Apple savings account for their customers. The future for technological companies looks to be one that is banking, as it is a more solid option when in comparison to consumer goods.
Macrumors state, Apple seems to have made progress on its upcoming savings account as evidenced by their new code. Expectations for a launch, possibly even this week, just like how Apple Pay Later was in code references a day before its launch on March 28. The code also includes the terms of service for the savings account, along with some images that may be on the Wallet app and elsewhere.
Although the code mentions iOS 16.3, it is not yet known if it will be necessary to sign up for and use the account. Last October, Apple announces its plans to introduce a savings account with high yield for Apple Card users to store their daily cash.
In addition to this, all earnings are automatically deposited in the account. However, there hasn’t been any update on the release date since then.
What does the internet think of the Apple bank?
Why a savings account before a checking account? I would much rather have a checking account with better bill pay features and transaction details. Savings accounts are boring. Hard to imagine what features Apple will improve on.
— Mike Nichols (@onebyteword) April 13, 2023
There are some customers complaining that Apple should offer a checking account rather than a savings account. The user suggests that if the tech giant offers a checking account with better bill payment functions, it would help a lot of people immensely.
Users on Reddit are excited for this new feature. Some are stating that their Apple Cards are one of the most convenient and easy to use cards that they have. The integration to iPhones just proves that they are able to make a better savings account for their customers.
Others are saying that the next obvious step for Apple is for them to be a bank. They’ll obviously still sell their tech products, but they’ll also be a bank. Furthermore, their clientele is always in the upmarket range as their products are quite pricier when in comparison to their competitors.
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