Apple recently announced the highly anticipated Apple Card Savings feature, which allows Apple Card users to open a high-yield savings account through Goldman Sachs in the Wallet app on their iPhone. With an initial Annual Percentage Yield (APY) of 4.15%, the Apple Card Savings account offers a competitive interest rate to help users grow their savings. In this article, we will provide a step-by-step guide on how to open an Apple Card Savings account and take advantage of this exciting new feature.
Step 1: Check Requirements and Eligibility
Before you can open an Apple Card Savings account, you need to ensure that you meet the requirements and eligibility criteria. First, you need to have an iPhone with iOS 16.4 or later installed, as the feature is only available on the latest operating system. Additionally, you need to be a U.S. resident who is 18 years of age or older to be eligible for the Apple Card Savings account.
Step 2: Access the Wallet App
Once you have confirmed that you meet the requirements and eligibility criteria, you can proceed to open the Wallet app on your iPhone. The Wallet app is where you can manage your Apple Card, including setting up the Apple Card Savings account.
Step 3: Tap on the Apple Card
In the Wallet app, locate and tap on your Apple Card. This will open up the card details and settings.
Step 4: Tap on the Circle with Three Dots
At the top of the screen, you will see a circle with three dots. Tap on this icon to access additional options for your Apple Card.
Step 5: Tap on Daily Cash
From the list of options that appear, select Daily Cash. Daily Cash is the cashback reward you earn with your Apple Card for eligible purchases.
Step 6: Select Set Up Savings
Under the Daily Cash options, you will see an option to Set Up Savings. Tap on this option to start the process of opening your Apple Card Savings account.
Step 7: Follow the On-Screen Instructions
The Wallet app will guide you through the process of setting up your Apple Card Savings account. You may be required to provide additional information, such as your name, address, social security number, and other relevant details. Follow the on-screen instructions carefully and provide accurate information to ensure a smooth account setup process.
Step 8: Deposit Funds and Start Earning Interest
Once your Apple Card Savings account is set up, you can start depositing funds into the account. You can transfer money from your Apple Cash balance, which is the balance you accumulate from your Daily Cash rewards, or from a linked bank account. All Daily Cash rewards earned from that point on will be automatically deposited into your Apple Card Savings account and start earning interest at the stated APY. Alternatively, you can choose to have your Daily Cash rewards added to your Apple Cash balance instead at any time.
Step 9: Manage Your Apple Card Savings Account
You can manage your Apple Card Savings account directly from the Wallet app on your iPhone. You can view your balance, track your earnings, and make withdrawals or transfers as needed. It’s important to note that the maximum balance for an Apple Card Savings account is $250,000, and all balances are fully insured by the FDIC, providing peace of mind for your savings.
Step 10: Access Your Funds
If you need to access the funds in your Apple Card Savings account, you have a few options. You can transfer money to your Apple Cash balance, which can be used for purchases, transfers to other Apple Pay users, or withdrawals to your linked bank account. Alternatively, you can transfer funds directly to your linked external bank account.
Once the setup process is complete, all Daily Cash received will be automatically deposited into the savings account and start earning interest. You can refer to Apple’s official support document here.
In conclusion, the Apple Card Savings feature is a great way for Apple Card users to earn interest on their Daily Cash balance and personal funds deposited into the savings account. With no fees, minimum deposits, or minimum balance requirements, this feature is a convenient way to save money. By following the steps outlined above, users can quickly and easily set up their savings account in the Wallet app on their iPhone.