Apple recently launched a new high-yield savings account that offers a competitive interest rate of 4.15%. It is a significant increase from the national average interest rate for savings accounts in the US. The account is FDIC insured and can be opened through the Apple Wallet app on iPhones.
Customers can easily transfer money to and from their savings account using the app and there are no fees or minimum balance requirements. The account also offers daily cash, which means that customers will save money every day.
This move by Apple is part of its continued efforts to expand its financial services offerings. With a strong brand reputation and large customer base, it is likely that the new savings account will be a popular choice for those looking to earn a higher return on their savings.
Top Features of Apple Savings Accounts
The Apple Savings Account provides a convenient and secure way for Apple Card holders to save money and earn rewards. Here are some top features that these accounts can offer.
- Apple Savings Accounts are exclusively available to Apple Card holders through its Wallet app.
- These accounts can hold up to $250,000 in deposits.
- One of the unique features of these accounts is the Daily Cash rewards which allow users to earn cash back on eligible purchases.
- Another feature of Apple Savings Accounts is the ability to set up automatic transfers from a linked checking account. This can help users save money effortlessly and reach their savings goals faster.
- The app provides easy access to account information and transaction history.
- Apple Savings Accounts also offer competitive interest rates of 4.15% making it a smart choice for those looking to grow their savings.
- With no minimum balance requirements or monthly fees, these accounts are accessible to anyone with an Apple Card.
- There is no limit on the number of transactions a user can make to take money out or put funds into the account.
Eligibility to Open and Maintain an Apple Savings Account
You must meet the following eligibility criteria to get yourself a savings account from Apple.
|1||You must be an owner or co-owner of an active Apple Card account.|
|2||You should add an Apple card to your iPhone.|
|3||Your age must be at least 18 years.|
|4||Only a US resident with a valid, physical US address is eligible for this account.|
|5||It is mandatory to have a Social Security Number (SSN) or Individual taxpayer identification number.|
|6||Setting up two-factor authentication for your Apple ID and updating to the latest version of iOS is also necessary to use this service.|
Set up Apple’s new savings account
Setting up an Apple Savings Account on your iPhone is a simple process. The steps are explained below.
- Firstly, you should have an active Apple Card on your iPhone.
- Next, open the wallet app and select your Apple Card.
- Press the button with three dots on the upper right corner, and select “Daily Cash”.
- Alternatively, the front page may feature a promotional sign-up button for the savings account.
- Follow the prompts that will display on your screen. These prompts will require you to sign multiple agreements and enter your Social Security number.
- Apple will automatically start putting the cash from your Apple Card into your savings account. You can also transfer it back if you want to spend it or send it to a friend.
Add Money to Apple Savings Account
At the time of opening a savings account with Apple, you automatically agree to deposit your earned daily cash into your savings account. This account also allows you to add money from Apple Cash or a linked external bank account. Check out the process below.
- On your iPhone, open the Wallet app and choose Apple Card.
- Tap “Add Money” after selecting Savings account.
- Tap “Add” after entering the desired amount.
- Choose or add the payment source from which you want to add money.
- You can use your Face ID, Touch ID, or your passcode to confirm the payment.
- Money that you deposit into your savings account will start earning interest from the day transfer is made through the wallet app.
“Note: In the event that you move cash from Apple Money the funds are available instantly. However, it typically takes a few days for funds to be available for withdrawal when transferred from a linked external bank account.”
Check Balance and Interest Earned
Here are the steps to check the balance in your Apple Saving Account.
- Open the wallet app on your iPhone and tap “Apple Card”.
- Tap “Savings Account” on the next page.
- You can now see your current balance. This balance includes pending transactions and deposits. So, the entire amount is not available for you to withdraw instantly.
- Open the menu by clicking on the “More” button (three dots icon).
- Select “Account Details” to check your available balance. This is the amount that you can withdraw immediately. This page will also display your current Annual Percentage Yield (APY) and any interest that you’ve earned this financial year.
Download Apple Savings Account Statement
You may want to check your Apple Savings Account statement to track your finances. Typically, your monthly statement is available on the 1st day of every month.
- Open the Wallet app on your iPhone and tap Apple Card.
- Click on Savings account.
- After selecting “More”, tap on the “Documents” button.
- Tap “statements” and choose your desired month to download or export the file.
- If you want to download the statement in PDF format – Tap the Share button after selecting View PDF Statement.
- To export your statements – Tap “Export Transactions” and choose the desired file format.
Contact Apple Savings Account Specialists
If you have any questions or concerns regarding your savings account with Apple, it is recommended to contact their official support specialist. They are equipped to handle any issues related to your account and can provide you with the necessary guidance to resolve them.
To reach out to Apple’s savings account support specialist, you can visit their website i.e. getsupport.apple.com/solutions and find the contact information under the support section.
Frequently Asked Questions
No, it is mandatory to have an Apple card to get a savings account.
Yes, you can transfer money from Savings to a linked external bank account. However, it takes 1 to 3 business days for the transfer to complete.