Despite being mentioned in the initial release notes, the new Apple Card savings account feature is not included in iOS 16.1. It will still be available in the coming months, as Apple first stated when revealing the feature for the first time earlier this month.
Apple Card users can now automatically transfer their Daily Cash rewards to a new integrated savings account, thanks to a new feature announced last week. Apple did not provide a release date for this feature at the time, but the release notes for iOS 16.1 indicate that it will be included in next week’s update.
Apple distributed the iOS 16.1 Release Candidate build to developers today, along with the macOS Ventura, tvOS 16.1, iPadOS 16.1, and watchOS 9.1 Release Candidates. The company also published the full release notes for each update with these releases.
Apple confirms in the release notes for iOS 16.1 that the update will include support for the new integrated savings account feature as well as key sharing in the Home app:
Key sharing allows you to securely share car keys, hotel room keys, and other keys in Wallet via messaging apps like Messages and WhatsApp.
Apple Card customers can grow their Daily Cash by depositing it in a high-yield savings account.
The balance of this high-yield savings account can be viewed directly in the Wallet app. In the Apple Card interface, there will be a new “Savings Account” button. Tapping on it will display a list of transactions as well as a chart displaying the account’s growth.
You can deposit money into your account using a linked bank account or your Apple Cash balance, in addition to having Daily Cash rewards deposited automatically. You’ll also be able to easily withdraw it from your bank.
Apple has not confirmed the precise percentage rate at which the account will pay interest. Goldman’s current online savings account offers a 2.15% annual percentage yield.