The wait is over: thanks to Goldman Sachs, the Apple Card now has a Savings account where users may deposit their Daily Cash. A stunning high-yield APY of 4.15 percent, which is ten times greater than the national average as of March 2023, is offered by this new Savings account.
Of course, there are extra advantages as well. What’s crucial to understand, though, is that as soon as a user creates a Savings account, all subsequent Daily Cash that the cardholder earns will be immediately deposited into the account. As if there weren’t enough justifications to investigate the Apple Card.
Knowing this, I’m going to describe how a user can set up this Savings account and discuss the advantages of doing so.
Naturally, there are a few things a user should think about before opening a savings account. I’ll go into detail here, providing users with all the information they require regarding this new account.
I’ll also briefly discuss the updated Wallet Savings dashboard, which allows customers to view their balance and interest earnings.
What to Know About the Apple Card Savings Account
Users should be familiar with how a Savings account works before putting one up. When someone opens a savings account, they consent to have their daily cash deposits made there.
Users will then be able to earn interest on the Daily Cash they obtained through Apple Card transactions, which has an APY of 4.15 percent right now.
Users will also receive interest on their Savings deposits made from linked external bank accounts or via Apple Cash.
The fact that there are no fees or minimum balance requirements should also be made clear to cardholders. Of course, you can check out how to sign up for an Apple Card here and see how your application is progressing if you haven’t already.
Apple Card and Your Money
Users won’t be able to immediately make purchases using Apple Card or Apple Pay in Savings in terms of money access. Instead, users will be able to access their funds by moving monies from Saving to an Apple Card or an external bank account that is linked.
Users should be aware that only owners or co-owners of an Apple Card Family account can set up an account, and they can only see their own account information and balance in Wallet.
There are a few things you should know if you’re interested in opening an account:
- You must be an owner or a co-owner of an Apple Card that is active. Said Apple Card must also be added to your iPhone.
- You must be 18 years or older.
- Users must have a social security number or an individual taxpayer identification number.
- Users must also be U.S. residents with a physical and valid U.S. address.
- You must have two-factor authentication set up on your Apple ID, and you must have the latest version of iOS on your iPhone.
Users may wish to review the Deposit Account Agreement to learn about additional terms and restrictions. No minimum amount is required to open an account, although users can only have a balance of $250,000 at any given time. Check the agreement carefully for more details.
How to Set Up the Apple Card Savings Account
With this knowledge, creating a high-yield Savings account using Apple Card is simple and only requires a few steps.
One minute is required.
Opening an app is all it takes to set up an Apple Card.
- From your iPhone, navigate to the Wallet app, and then tap Apple Card.
- Select the More button (ellipsis) and select Daily Cash.
- From here, select Set Up, located next to Savings. After this, you will be presented with on-screen instructions.
Users will be asked if they wish to move money from their Apple Cash balance to the new account when starting a Savings account, so be aware of this. Then, interest will start to be earned on this money.
Users only need to click the Close button if they do not want to send money. If you do wish to transfer money, choose to Transfer Your Apple Cash and adhere to the on-screen instructions.
Users should be aware that after Savings is set up, any Daily Cash that is available for redemption as an Apple Card statement credit will be transferred to the new Savings account. Users should be aware that they might not be able to register a new Savings account if their Apple Card account is closed or limited.
Additionally, users might not be able to move funds out of or into Savings. Users may want to contact a Savings Support Specialist if this is the case.
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How Do I Deposit Money Into My Apple Card Savings Account?
Of course, it’s also rather simple to accomplish if you need or want to deposit money into a savings account. When a person registers a savings account, they do so with the understanding that any Daily Cash earned will be deposited automatically into the account.
Users can also add money by linking to an external bank account or using Apple Cash.
Simply take the following actions to add money to your savings account:
- From your iPhone, go to the Wallet app and select Apple Card.
- Select Savings account, then choose to Add Money.
- Type in the amount you would like to add, then select Add.
- You will then need to choose or enter the payment source from which you will add money.
- Finally, double-click the side button on your iPhone to confirm with your passcode, Touch ID, or Face ID.
Users should be aware that any money put into Savings accounts starts generating interest on the day the transfer is initiated using the Wallet app. Users should be aware that when sending money via Apple Cash, the money is typically available right away.
However, it can take a few days for the money you transfer from an outside bank account to become available.
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How Do I View My Apple Card Savings Account?
Users can monitor their accounts and check on whatever interest they have earned in addition to opening Savings accounts and making deposits, as is only natural.
- From the Wallet app on your, iPhone select your Apple Card.
- Select Savings account. You will then be able to view your Current Balance. This balance may include pending depositions and transactions. This means that users may not have the entirety of the balance available to them.
- From here, users can tap the More button, then choose Account Details. This shows the available balance. Users will be able to immediately withdraw this amount. Furthermore, users will also be able to view interest that has been earned for the year as well as the current or APY.
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Get the Most Out of Your Apple Card
There are now even more reasons to apply for the card with the addition of the new high-yield Apple Card savings account. It’s a great bonus to get money back on some purchases, but it’s even better to be able to earn interest on that money.
Users may also be interested in learning how to put their Daily Cash into their Apple Card. A user might occasionally need to know what to do if the balance on their Apple Card isn’t updated.
People looking for a trustworthy Credit Card with lots of features are probably in the proper place. Users of the Apple Card always receive a percentage Cash Back on their purchases in addition to the Savings account.
Not to mention, the Apple Card itself is made entirely of metal and looks quite modern. Check to see whether you are eligible, then begin earning money that you can use to fund your savings right immediately.
