- Apple savings account is administered through its Wallet app.
- The account will allow users to accrue over 4% interest.
- The account is available only to Apple Card holders.
Apple now offers a savings account administered through its iPhone app that allows users to accrue over 4% interest.
Setting up the savings account is straightforward, although users are required to have an active Apple Card. Accounts are administered by Goldman Sachs.
Once the account is opened, cash-back rewards from Apple credit card purchases called Apple Cash can automatically be deposited into the interest-bearing savings account. Users can also transfer money from their savings account to their Apple Cash account in case they want to spend it or send it to a friend.
Users can put additional money into the savings account and gain the current 4.15% annual yield, compounding daily. The yield will shift over time as interest rates change.
The Apple Savings account can hold up to $250,000 in deposits, which are insured by the FDIC. The feature is now available inside Apple's Wallet app for all Apple Card holders in the U.S.
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Here's what you need to know:
How to sign up
- To open the account, you will need an active Apple Card on your iPhone. First, open the Wallet app and tap on your Apple Card.
- Press the button with three dots on the upper right corner, and select Daily Cash. Or there may be a promotional button to sign up for the savings account on the front page.
- Follow the instructions. It will ask for your Social Security number and for you to sign several agreements.
- By default, Apple will begin putting your Apple Card cash back into your savings account, although it's possible to transfer it back if you want to spend it or send it to a friend.
How to add money
- You can add money from a linked bank account to your savings account.
- If you have an Apple Card, you likely already have a bank account attached to make payments.
- Open the Wallet App. On the first page, there should be a button with your savings balance.
- Inside the savings page, tap the Add Money button to add money from your connected bank account.
- You can also withdraw from your savings account to your linked bank account or your Daily Cash account.
- There's no limit on how many transactions a user can make to take money out or put funds into the savings account.