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Hey folks,
I’ve come across something called the Apple Savings Account, but I’m not entirely sure what it’s all about. Can someone give me the lowdown on this? I’m curious to know how it works and if it’s worth looking into. Appreciate any info or experiences you can share!
Enhance your Daily Cash rewards with Apple Savings in your Wallet on iPhone (U.S. only)
If you’ve got the Apple Card in your Wallet app, here’s a cool option for you: you can automatically stash your Daily Cash into Savings, a savings account provided by Goldman Sachs Bank USA, Member FDIC. Plus, you can throw in extra funds into Savings from a linked external bank account or even from your Apple Cash. And the flexibility doesn’t stop there—you can transfer money from Savings to a linked external bank account or to Apple Cash whenever you need.
Now, let’s talk basics about the Apple Savings Account.
This savings account offers a sweet deal with an impressive 4.50% APY, way above the national average, and on par with some top-notch savings accounts out there. And the best part? No pesky fees, no minimum deposit requirements, and no minimum balance requirements. It’s all provided by Goldman Sachs Bank and FDIC-insured up to $250,000.
Keep in mind, though, that Apple Savings is exclusively for Apple Card customers. But if you don’t qualify, don’t sweat it—there are plenty of other high-yield savings accounts you can explore.
Here’s the beauty of it: as an Apple Card user, every time you make a purchase with your card, you’re racking up Daily Cash, and guess what? That cash back automatically finds its way to your Apple Savings account, where it starts earning interest. Nice, right?
Now, when it comes to withdrawals, it’s a breeze. Just fire up your Wallet app, select Apple Card, then pick the Savings account, and hit Withdraw. Punch in the amount you want to withdraw, choose where you want to transfer the money—whether it’s to Apple Cash or a linked external bank account—confirm it using Face ID, Touch ID, or your passcode, and you’re all set. Easy peasy!
And depositing money is just as simple. Open up your Wallet app, select Apple Card, then head to “Savings” and hit “Add Money.” Type in the amount you want to deposit, pick your bank account, and voila! You’re done.
Remember, interest starts accruing the moment you initiate a transfer from your Wallet app. So, why not make your money work for you with Apple Savings?