Apple is now offering a savings account, thanks to a partnership with Goldman Sachs. The savings account is currently available only to Apple Card users, so if you have not yet applied for an Apple Card and you wish to have an Apple Savings account, you’ll need to do that first.
Currently, the Apple Savings account offers a 4.15% yield, which is considerably higher than what is available through virtually any other bank savings account.
Setting up the Apple Savings account is hidden and not particularly obvious, so if you attempted to check this feature out before and failed to find anything about it, it’s not surprising. We’ll show you how you can setup the Apple Savings account on your iPhone with the Wallet app.
How to Setup an Apple Savings Account
Setting up the Apple Savings account is quick and easy once you figure out where it is:
- Open the Wallet app on iPhone
- Tap on your Apple Card
- Tap the (…) more button in the corner, then choose “Daily Cash”
- Look for the “Savings – Set Up” option and tap on that
- Follow the onscreen instructions to open your Apple Savings account
Much like applying for the Apple Card, opening the Apple Savings account is fast and easy, and should take about a minute.
Your Apple Savings account is held and managed entirely within the Wallet app on your iPhone, and just like any other savings account you can transfer money in and out of it easily.
You can transfer your Apple Cash from Apple Card purchases, or, to really take advantage of the high yield 4.15%, more money from an outside bank.
The 4.15% yield is quite high for a savings account in the USA, though that is still notably under the inflation rate. The Apple Savings Account is FDIC insured up to $250,000 through Goldman Sachs, and combine that with Goldman Sachs being considered Too Big To Fail, and it’s a good bet your money is safe within the Apple Savings account.
Did you setup an Apple Savings account? Will you be transferring money there to take advantage of the high yield? What do you think of Apple joining forces with Goldman Sachs to offer credit cards and savings accounts? Let us know your experiences, opinions, and thoughts in the comments.
