Is anyone Else confused about all the different terms?? Apple Cash, Daily Cash, Apple Pay, savings, etc?

No. They all have different meanings entirely. What's to be confused about?

Apple Cash is a digital debit account and card where Daily Cash is deposited if you have not yet activated an Apple Savings account.

Apple Cash - Apple

Daily Cash is the cash back you get from purchases using your Apple Card and it is deposited in Apple Cash unless you have an Apple Savings account enabled.

Get unlimited Daily Cash with Apple Card - Apple Support

Apple Pay is the conduit or mechanism through which you make payments using your Apple Card, Apple Cash or your own 3rd party credit or debit cards that have been added to the Wallet App.

Apple Pay - Apple

Apple Savings is the high yield savings account offered by Apple if you already have an Apple Card. You get 4.15APY on any money deposited there.

Apple Card’s new high-yield Savings account is now available, offering a 4.15 percent APY - Apple

Hello ~ Each has a different use. Take a look here by clicking on each…

Set up Apple Cash - Apple Support

Get unlimited Daily Cash with Apple Card - Apple Support

Apple Pay - Apple

Set up and use Savings in Apple Wallet - Apple Support

The above links may explain about each and help with those that may be of interest to you.

~Katana-San~

Apple Savings was released barely a month a go. So you cannot possible have had it for a couple of months.

Also, as Chattanoogan mentions the 4.15%APY is calculated yearly and added monthly. So at this point, you would have only had 1 deposit for it at most.

Which means if you had say $100 in it, you would have received (100x.0415) / 12. That's around 35 cents assuming you had 100 dollars in the account.

Phil – minor correction. The interest rate is 4.07%, but because of the daily compounding, the Annual Percentage Yield (APY) is 4.15%. So, invest a $100 and 365 days later, you’ll have a total of $104.15. This assumes no additional deposits or withdrawals and no changes to the interest rates. Interest rates are not guaranteed and accounts are FDIC insured.

Another way to explain is take 4.15 and divide by 365, for a daily rate. However, that doesn’t take into compounding and slight errors result. Get into high 6 or 7 figures and it gets important/significant.

Product Feedback - Apple

-Drake

Just confirmed w/ GS that savings statements should be available in wallet during the 1st week of the calendar month.

Issued separately from — but on same general “cycle” as — AppleCard statements.

Jeff Donald wrote:

Phil – minor correction. The interest rate is 4.07%, but because of the daily compounding, the Annual Percentage Yield (APY) is 4.15%. So, invest a $100 and 365 days later, you’ll have a total of $104.15. This assumes no additional deposits or withdrawals and no changes to the interest rates. Interest rates are not guaranteed and accounts are FDIC insured.

Another way to explain is take 4.15 and divide by 365, for a daily rate. However, that doesn’t take into compounding and slight errors result. Get into high 6 or 7 figures and it gets important/significant.

Which is what I said. Divide that 4.15 by 12 months, and you would have received around 35 cents per month.

Apple Savings only recently rolled-out (in mid-April.)

So while we’re ALL new at this, I suspect that interest - while accruing continuously - will be credited monthly.

You’re right I thought compounding difference would have been greater, but only about $7 per million. So yah, you’re right, my bad. 😀😀😀