Apple is now offering a high-yield savings account. This allows you to start earning interest on your Daily Cash balance. There are no fees, balance requirements or minimums. You can earn interest on your Daily Cash and any additional deposits if you transfer money from a linked bank. Here is how you can open an Apple Card Savings account.
Requirements for an Apple Card Savings account
- You need to have an Apple Card (owner or co-owner), and it needs to be added to your iPhone. If you do not have an Apple Card, you can easily apply online.
- You need to be at least 18 years old.
- You need to be a US resident with a social security (SSN) or tax ID number.
How to Apply for an Apple Card Savings Account
- Open the Wallet app and tap your Apple Card.
- Tap the More (…) button at the top of the screen, then tap Daily Cash.
- You will see an option called Savings. Tap to Set Up.
- The next screen will mention some of the account details. Tap Continue.
- Since this is taxable income, you will be asked to enter your SSN or tax ID number to confirm your identity. Enter it. Then tap Next.
- You will be asked to read and agree to the Terms and Conditions. Tap Agree.
- The next section is again about tax details. Select the one that applies to you. Then Confirm & Open Account.
- Your application will be submitted to Goldman Sachs, and your account will be created shortly.
After opening, you will be asked to transfer the money you have in Apple Cash. You can do that if you want.
And you are done. You can add more money or withdraw funds if needed. If you need to access the savings account dashboard, open the Wallet app, tap your Apple Card and then tap Savings Account.
Now your daily cash will be automatically deposited to your Savings account. You can change this if you want. Open the Wallet app and tap your Apple Card and the three-dot More (…) button, then Daily Cash. Then select either Apple Cash or Savings.
Now just sit and wait for your money to grow.
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