Apple Card now has another perk for cardholders, at least those in the US: a high-yield savings account that gives you daily compound interest with an APY interest rate of 4.15%. Apple Card Savings is billed as a destination for your Daily Cash – the cashback you get when you make purchases with Apple Card – but you can transfer money to the account from a linked bank account and withdraw from it. money at any time free of charge.
Like Apple Card, this is currently only available to users in the United States. You must be 18 years old, have a social security number or individual tax ID, have a valid physical address in the United States, and have two-factor authentication set up on your iPhone. (If you have an Apple Card, you already meet most of these criteria.)
Here’s how to get started setting up your Apple Cash Savings account.
- Time to complete: 5 minutes
- Tools needed: none
- Hardware required: iPhone with Apple Card account
- Cost: 0
Open Apple Card and select Daily Cash
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First, open the Wallet app and select your Apple Card.
Then tap the More button (…) at the top right and choose Daily Cash.
Change the Daily Cash option to Savings
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In the Daily Cash section, tap Savings under Daily Cash Election. If you’ve been using your Apple Card for a while, you’ll almost certainly have selected an Apple Cash card.
You will see a splash screen informing you about Apple Cash Savings. Faucet Continue to start.
Provide information and accept terms and conditions
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You will need to verify your social security number or tax identification number. Apple will not store or read this information – it is sent to Goldman Sachs only as part of your account application.
After providing the necessary information, you have to agree to long terms and conditions.
Open your account and transfer Daily Cash
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You will need to indicate if you are subject to IRS backup withholding (you probably are not) and confirm that the information you provided is true and accurate, then press Confirm and open an account.
Your Apple Card Savings Account will start to be empty, but you will be prompted to transfer your Apple Cash Card balance to the Savings Account. Thereafter, Daily Cash allowances will be automatically transferred to your savings account, unless you change the choice in the Dily Cash tab to Apple Cash. Interest will accrue daily and be deposited into your account on the first of each month.
From the Savings screen, large To withdraw And Add money The buttons do exactly what they say: let you deposit or withdraw funds from your Apple Cash card or linked bank account.
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