Those of you who have an Apple Card can now earn interest on the money in your account. With Apple’s new cash savings account, the daily rewards that you normally collect for using your Apple Card can automatically be deposited into a savings account. With an annual yield of 4.15%, this account could earn you more than you would see at many banks.
To take advantage of the Apple cash savings account, you need to be an owner (or co-owner) of an Apple Card account. No minimum deposits, fees, or balance are required. Beyond automatically using the funds already in your Apple Cash balance, you can manually transfer money from Apple Cash or from the bank account linked to your card. You can also move money in and out of the savings account as necessary and disable automatic deposits at any time.
Ready to get started? Here’s how to sign up for Apple’s high-yield savings account.
1. Apply for an Apple Card
(Credit: Apple)
First, you need to apply for an Apple Card(Opens in a new window), if you don’t already have one. It can be used directly from the Wallet app on your iPhone or with a physical card if you request one. When you pay with Apple Card, you receive cashback rewards just as with a traditional credit card.
These Daily Cash rewards are processed each day and show up in your Apple Cash balance the day after you make a purchase. You earn 1% on all purchases using the physical card, 2% when using the card through Apple Pay, and 3% when using Apple Card to pay for Apple’s own products and services.
(Credit: Lance Whitney/Apple)
Next, you may want to make sure that your Apple Card is set as the default payment method to generate more cash for your savings account. To do this, go to Settings > Wallet & Apple Pay and swipe down to the Transaction Defaults section. Tap the Default Card entry and select the Apple Card entry to make the change.
Once you have an Apple Card, it’s time to sign up for Apple’s savings account and start earning more than 4% in interest to further boost your personal finances.
2. Sign Up for an Apple Savings Account
To enable the savings account, open the Wallet app on your iPhone and select the Apple Card. Tap the three-dot More icon, and then select Daily Cash. Under the Daily Cash Election heading, tap the Savings option. The next screen explains the savings account; tap Continue.
You are then asked to confirm your info. Enter your Social Security number and tap Next. Read the terms and conditions for the savings account, then tap Agree. You are asked if you are subject to backup withholding by the IRS. In most cases, you will answer No. Tap Confirm & Open Account.
(Credit: Lance Whitney/Apple)
Your application is submitted to the bank with a notice that a review is in progress. You can now tap Close. Assuming your application is approved, you will then receive an email confirmation that your savings account is open.
(Credit: Lance Whitney/Apple)
To check your account, open the Wallet app, tap your Apple Card, and select Savings Account. Alternatively, go to Settings > Wallet & Apple Pay and select Savings under the Accounts section.
3. Manage Daily Cash Rewards
(Credit: Lance Whitney/Apple)
When you make purchases with your Apple Card, the transactions will show up in the Wallet app the next day. You can check by tapping your Apple Card in Wallet. The small Weekly Activity chart shows the amount of cashback that you have received so far.
Tap the Weekly Activity chart to access your total spending for the week. You can also switch the view to month and year. Tap Daily Cash to view the specific transactions and see how much cash you earned for each one.
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(Credit: Lance Whitney/Apple)
Your Daily Cash rewards go into your Apple Cash balance by default, but you can switch it to the savings account. From the activity screen for your Daily Cash, tap the View Daily Cash link and choose Savings under the Daily Cash Election section. Tap Confirm to indicate that you want your future cash earnings to be directed to the savings account. To switch it back to Apple Cash, return to the Daily Cash screen and select Apple Cash under the Daily Cash Election section.
4. Add Money to Your Savings Account
(Credit: Lance Whitney/Apple)
Beyond your cashback rewards, you can manually add more money to your new savings account from your Apple Cash balance or the bank account you previously linked to your Apple Card. To move your money, open the Wallet app and tap your Apple Card. Select the Savings Account entry and tap the Add Money button.
(Credit: Lance Whitney/Apple)
You can then enter the amount of money you want to transfer and tap Next. At the screen to authenticate the transaction, set if the source should be Apple Cash or your bank. Double-click the side button and confirm the transfer using your default authentication method—Face ID, Touch ID, or passcode.
5. Manage Your Account Balance
(Credit: Lance Whitney/Apple)
You can check the balance of your savings account by tapping your Apple Card in the Wallet app, then selecting Savings Account. Tap the three-dot More icon in the upper right and select Account Details. The next screen shows the current balance of all money in the account and the available balance of the amount you can withdraw.
(Credit: Lance Whitney/Apple)
You can withdraw money from your savings account if you select your Apple Card in the Wallet app, choose the Savings Account entry, then tap Withdraw. Then type the amount of money you wish to take out. Note that the screen will show you your available balance. Tap Next.
Tap the arrow for the transfer destination and set it to either Apple Cash or your linked bank account. Finally, double-click the side button to authenticate the withdrawal.
