Announced back in October 2022 Apple Savings Account is finally a real thing. It allows users to automatically transfer the cashback earned from Apple Pay to this account and earn an interest of up to 4.15% PA.
The feature was under development up until now and is finally being delivered to Apple Cash (Apple Credit Card) users. And in this guide, we are going to look at the step-by-step process of how you can open and set up your very own Apple Savings account to start earning.
Requirements to Open Apple Savings Account
Before opening the Apple Savings Account it is important to know the requirements that are needed to be met. Even though there are no special ones, here’s a list of them.
- Be at least 18 years of age.
- Be a US resident with a valid address belonging to the same.
- Set up two-factor authentication for your Apple ID.
- Update to the latest version of iOS. Apple Savings feature is available with iOS 16.4 and later.
- Have a social security number or individual taxpayer identification number.
- Be an owner or co-owner of an active Apple Card account with the Apple Card added to your iPhone.
There are further terms and conditions listed in the Deposit Account Agreement.
How to Open Apple Savings Account on Your iPhone
After assuring that you are an active Apple Card account user and the Apple Card added to your current iPhone, you just need to follow the below steps to open the Apple Savings Account.
1. Locate the Wallet app on your iPhone and open it.
2. In the Wallet app, tap on your Apple Card.
3. Once your Apple Card account page is open, tap on the three dots in the top-right corner and select the Daily Cash option.
Tip: As the Apple Savings Account has just been launched, you might also be able to see the promotional button to sign up if the same on the front page of the Wallet app.
4. Next, tap on the Set Up option associated with the Savings tile.
5. Tap on the Continue button on the Apple Savings card that pops up.
6. Now, follow the onscreen instructions and complete the Apple Savings Account setup process.
Note: You will be asked for your Social Security number and to sign several agreements during the Apple Savings Account’s setup process.
Once the setup is done, you are good to go with your Apple Savings Account. Apple will ask if you want to transfer your current Apple Card cash back into this Savings account.
However, you can transfer them back to the Apple Card if you want to spend or transfer them to someone else.
How to Add or Withdraw Money from Apple Savings Account
Besides the Apple Card cash back, you can also add additional money to your Apple Savings Account. Here’s how:
1. Since you already have Apple Card, you likely already have your bank account linked to it for payments. So, open the Wallet app on your iPhone.
2. On the Wallet app’s front page, look for the button for the Savings balance and tap on it.
3. On the Savings screen, tap on the Add Money button to add money to your Apple Savings account from your linked bank account.
4. Similarly, you can also withdraw money from your Apple Savings Account by tapping on the Withdraw button.
You’ll be able to choose whether to withdraw the money to your linked Bank account or to the Daily Cash account.
Frequently Asked Questions (FAQs)
How much interest will I get in the Apple Savings Account?
The Apple Savings account is managed by Goldman Sachs and offers a 4.15% APY on your Apple Savings Account balance.
How much money I can hold in my Apple Savings Account?
With the Apple Savings account can hold up to $250,000 in deposits, insured by the FDIC.
Can I add additional money to my Apple Savings Account besides the earned cashback?
Yes, the users of Apple Savings account are allowed to add additional money besides the Apple Card cash back they earn.
Is there any Minimum deposit or balance requirement for Apple Savings Account?
No, you are not charged any fee during the setup or opening of the Apple Savings account. There are also no minimum deposit or balance requirements either.
Is Apple Savings Account free to open?
Yes, the Apple Savings account is completely free to open and you are not charged any for it.
Is there any limitation to the number of transactions for adding or withdrawing money from the Apple Savings Account?
Currently, there is no limit on how many transactions you can make to add money or withdraw the same from your Apple Savings account.
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