How to Open an Apple Savings Account

by

Opening an Apple Savings account is a straightforward process, especially if you already have an Apple Card. This guide will walk you through the steps to set up your savings account and start earning interest on your Daily Cash and deposits.

Understanding Apple Savings

Apple Savings is a high-yield savings account provided by Goldman Sachs Bank USA, Member FDIC. It allows you to earn interest on your Daily Cash rewards from the Apple Card and any additional deposits you make1. There are no fees or minimum balance requirements, making it an attractive option for saving money.

Eligibility Requirements

Before you can open an Apple Savings account, you need to meet the following eligibility criteria:

  • Be an owner or co-owner of an active Apple Card account.
  • Have Apple Card added to your iPhone.
  • Be at least 18 years old.
  • Have a social security number or individual taxpayer identification number.
  • Be a U.S. resident with a valid, physical U.S. address.
  • Have two-factor authentication set up for your Apple ID.

Step-by-Step Guide to Opening an Apple Savings Account

  1. Open the Wallet App:
    • On your iPhone, open the Wallet app.
  2. Tap on Apple Card:
    • Tap on your Apple Card to access its features.
  3. Tap the More Button:
    • Tap the More button (three dots) in the corner.
  4. Select Daily Cash:
    • Tap on Daily Cash.
  5. Set Up Savings:
    • Look for the “Set Up” option next to Savings and tap on it.
  6. Follow On-Screen Instructions:
    • Follow the on-screen instructions to complete the setup process. You may be asked if you want to transfer funds from your Apple Cash balance to your new Savings account1.
  7. Transfer Funds (Optional):
    • If you choose to transfer funds, follow the on-screen instructions to transfer your Apple Cash balance to your new Savings account.
  8. Start Earning Interest:
    • Once your account is set up, you’ll start earning interest on your Daily Cash and any additional deposits.

Tips for Managing Your Apple Savings Account

  • Regular Deposits: To maximize your interest earnings, consider making regular deposits into your Savings account.
  • Monitor Your Balance: Keep an eye on your balance and interest earnings through the Wallet app.
  • Avoid Withdrawals: Since the goal is to save, try to avoid making frequent withdrawals from your Savings account.

Conclusion

Opening an Apple Savings account is a simple and efficient way to start earning interest on your Daily Cash and deposits. By following the steps outlined in this guide, you can set up your account and begin enjoying the benefits of high-yield savings. Regular deposits and careful monitoring will help you make the most of your savings.

With this guide, you should be able to open your Apple Savings account with ease. If you have any questions or need further assistance, feel free to ask!

Leave a Comment