Apple has released their new Apple Savings Account by way of their wallet app.
As technology continues to evolve, so does how we manage our finances.
Apple has recently introduced a new feature that allows users to set up a savings account through its Wallet app.
In this article, we’ll explain Apple’s savings account, how it works, and how you can set it up on your iPhone.
Plus, you’ll learn how to transfer Apple Cash to your Apple savings account.
What is the new Apple savings account, and how does it work?
The new savings account is a feature within the Wallet app that allows users to save money and earn interest.
Apple Card users can choose to grow their Daily Cash rewards with a savings account from Goldman Sachs, a member of the FDIC. The savings account is only available to users who have an Apple Cash card and an Apple ID in the United States.
The savings account has a variable interest rate that is subject to change at any time.
The Goldman Sachs Savings account, which offers a high-yield APY of 4.15 percent—aa rate that’s more than 10 times the national average—iis an option for Apple Card users who want to increase their Daily Cash benefits.
Users may quickly set up and manage their Savings account directly from their Apple Card in Wallet without any fees, minimum deposits, or balance requirements.
Benefits of using Apple’s savings account
One of the main benefits of using the savings account at Apple is the convenience it offers.
Users can easily transfer money from their Apple Cash card to their savings account within the Wallet app.
Additionally, the account is accessible through the same app many users use for daily transactions.
Another benefit of using this account is the higher interest rate compared to traditional savings accounts. While the interest rate is subject to change, users can still potentially earn more interest on their savings than they would with a traditional savings account.
Finally, using Apple’s savings account can help users stay organized with their finances. The account is separate from their checking account and can help users save for specific goals or expenses.
How to set up Apple’s savings account on your iPhone
Setting up your new savings account on your iPhone is a simple process. First, make sure you have an Apple Cash card and an Apple ID in the United States. Then, follow these steps:
- Open the Wallet app on your iPhone.
- Tap on your Apple Cash card.
- Tap on the three dots in the top-right corner.
- Select “Add Money.”
- Choose the amount you want to transfer to your savings account.
- Tap “Add” and then “Done.”
Your money will now be transferred to your new savings account. You can access your account balance and transaction history within the Wallet app.
Transferring Cash
Transferring money from your cash card to your savings account is a quick and easy process. Follow these steps:
- Open the Wallet app on your iPhone.
- Tap on your Apple Cash card.
- Tap on the three dots in the top-right corner.
- Select “Transfer to Bank.”
- Choose your Apple savings account as the destination.
- Enter the amount you want to transfer.
- Tap “Next” and then “Transfer.”
Your money will then be transferred to your savings account. Remember that transfers may take up to three business days to complete.
Frequently asked questions
1. Is there a minimum balance requirement for the savings account?
No minimum balance requirement exists to open or maintain this account.
2. Are there any fees associated with the savings account?
No, there are no fees associated with the savings account.
3. Is the interest rate on the account guaranteed?
No, the interest rate on the savings account is subject to change at any time.
4. Can I withdraw money from my account?
Yes, you can withdraw money from your savings account at any time. However, keep in mind that federal regulations limit certain types of withdrawals and transfers from savings accounts to six per month.
Conclusion
Apple’s savings account is a convenient and potentially lucrative way to save money. By following the steps outlined in this article, you can easily set up the account on your iPhone and start earning interest on your savings.
Remember to transfer money from your Cash card to your savings account for the best results. If you have any further questions, visit the Apple Support website for more information.