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How to open and set up your Apple Card Savings account

Sit back and let your money grow with an Apple Card Savings account!
By
August 26, 2023

In the midst of a recession, we’re all looking for the right place to park our money. Ideally, you want part of your investments to be safe, liquid, and earn as much interest as possible. Apple aims to take your business with its own high-yield savings account. Today, we’ll tell you what you need to know about the Apple Card Savings account and how to set it up.

QUICK ANSWER

To set up an Apple Card Savings account, you'll first need an Apple Card. If you have it, just go to Apple Wallet > Apple Card > Menu > Daily Cash > Savings > Set Up and follow the instructions. You must provide some personal information, accept the terms and conditions, and submit your info.


JUMP TO KEY SECTIONS

Editor’s note: We used an iPhone 12 Mini running iOS 17.0 to formulate these instructions. Some steps and options may look different, depending on your hardware and software version.

What does an Apple Card Savings account offer?

Stock photo of Apple Card Savings account next to Apple Card and bills 12
Edgar Cervantes / Android Authority

We have a full dedicated guide on what the Apple Card Savings account offers, who it’s for, and all the details you need to know. Give it a read if you want to learn all the details, but we’ll go over the most critical key factors in this section.

Apple partnered with Goldman Sachs to offer its high-yield savings account, the same investment bank that helped bring the Apple Card into existence. The Apple Card and Apple Card Savings accounts are actually somewhat linked. Only Apple card users can open an Apple Card Savings account. The cashback you get from the Apple Card, also known as Daily Cash, can go straight to this account to start generating interest.

If you decide to go with the Apple Card Savings account, you will enjoy a 4.15% APY. This interest rate can change in the future, depending on monetary policy, future interest rates, and more. Apple boasts this is more than 10 times the national average, which sat at about 0.24% when the account launched. The national average went up to 0.42% as of July 2023, though. Regardless, 4.15% is still very good! Apple Card Savings interest compounds daily and is paid monthly, by the way.

With the Apple Card Savings account, you will enjoy a 4.15% APY.

There are a couple of essential factors you should consider. For starters, rest assured that your money is secure, as Goldman Sachs is an FDIC member, and your money is secured up to $250,000. This shouldn’t be much of a problem, as that’s also the maximum deposit limit placed on the Apple Card Savings account.

Other high-yield savings accounts offer similar interest rates, but these often have minimum deposits, fees, and other limitations. The Apple Card Savings account has no fees, minimum deposits, or minimum balance requirements. Additionally, it is a breeze to open and set up straight from your iOS device.

Who can open an account?

Golfman Sachs next to Apple smartphone showing logo Stock Photo
Edgar Cervantes / Android Authority

Of course, there are some other limitations to keep in mind, but most of these are standard in the world of finances. Let’s take a look at them.

Apple Card Savings account minimum requirements:

  • You need to be at least 18 years of age.
  • You must have an Apple Card or be a co-owner of an Apple Card.
  • The Apple Card account needs to be in good standing.
  • You need to live and have an address in the United States of America.
  • Users must have a USA Social Security Sumber or Individual Taxpayer Identification Number.
  • Setting up two-factor authentication for your Apple ID is a requirement.
  • The Apple Card Savings account is only available to individual users. It should only be used for personal, family, or household purposes, not business matters.

Another essential unwritten requirement is that you need an iOS device with the Apple Wallet app to access all information and control your account. If you don’t have one, here are a couple of lists of the best iPhones and best iPads. If you don’t have an Apple device, you can still hold an account you opened in the past. You won’t be able to do anything with it, though. You can call in at 1-877-255-5923 to check your account info, change to paper statements, or request withdrawals via check, but most other functions will be unavailable, even if you call. In short, you pretty much need an Apple device!

How to open and set up your Apple Card Savings account

Stock photo of Apple Card Savings account next to Apple Card and bills 8
Edgar Cervantes / Android Authority

Are you ready to sign up for an Apple Card Savings account and start enjoying that sweet, sweet interest rate? Let’s get you started.

How to open and set up:

  1. Make sure you have an Apple Card. If you don’t, you can apply for one here. You can move on to the next step once your application is approved and your Apple Card is set up.
  2. Also, ensure you’ve updated your device to the latest iOS version.
  3. From your iOS device, launch the Apple Wallet app.
  4. You should see all your credit and debit cards, including the Apple Card. Tap on it.
  5. Tap on the three-dot menu button in the top-right corner.
  6. Select Daily Cash.
  7. You should now see a Savings account under the Daily Cash Election section. Tap on Set Up.
  8. You’ll get some info on the Apple Card Savings account. Hit Continue.
  9. Enter your Social Security Number and hit Next.
  10. Apple will provide the terms and conditions. Read them and tap on Agree.
  11. You’ll be asked some legal questions. Please do your research on these, as we are not legal counselors and can’t advise on what to input. Once you answer, hit Confirm & Open Account.
  12. Your application will process. Wait until the process is done.
  13. Upon approval, you’ll be asked if you want to move your current Apple Cash to the Apple Card Savings account. Select Transfer to Savings or hit the X to close.
  14. That’s it! Your account is ready.

How to deposit money to your Apple Card Savings account

Now that you have your Apple Card Savings account ready, it’s time for the interest earning and compounding to work their magic. You could automatically send all your Apple Card cashback to it and let that earn interest. Additionally, it’s possible to add more money to your account. We’ll show you how to do both.

How to automatically send all your cashback to your Apple Card Savings account:

  1. From your iOS device, launch the Apple Wallet app.
  2. You should see all your credit and debit cards, including the Apple Card. Tap on it.
  3. Tap on the three-dot menu button in the top-right corner.
  4. Select Daily Cash.
  5. Under Daily Cash Election, you can pick where your Apple Card cashback goes. Pick Savings.

How to add money:

  1. From your iOS device, launch the Apple Wallet app.
  2. You should see all your credit and debit cards, including the Apple Card. Tap on it.
  3. Go into the Savings Account option.
  4. Tap on the Add Money button.
  5. Select the amount you want to deposit and hit Next.
  6. Pick the linked account you want to withdraw the money from. By the way, this could be your Apple Cash account. And you can add money to your Apple Cash account using debit cards, as well as bank accounts.
  7. Once you pick your funds’ source, press the power button twice.
  8. Let the transaction finish.

Withdrawing money from your Apple Card Savings account

It’s always better to let money earn interest and let that interest compound long-term. That said, emergencies happen, or maybe you prefer other investments. Whatever the reason, withdrawing money from your Apple Card Savings account is just as easy.

How to withdraw money:

  1. From your iOS device, launch the Apple Wallet app.
  2. You should see all your credit and debit cards, including the Apple Card. Tap on it.
  3. Go into the Savings Account option.
  4. Tap on the Withdraw button.
  5. Enter the amount you want to withdraw and hit Next.
  6. Select where you want the money to go. This can be either the Apple Cash account or a bank account.
  7. When ready, press the power button twice to confirm the transaction.
  8. Let the transaction process.

FAQs

No. The Apple Card Savings account is only available in the United States of America.

The Apple Card Savings account charges no fees. It is entirely free, but you can only open one if you also have an Apple Card, which can charge you interest if you hold a balance.

Apple partnered with Goldman Sachs for the Apple Card Savings account. Goldman Sachs is the custodian of your money, and this investment bank is an FDIC partner. This means your Apple Card Savings balance is FDIC-insured up to $250,000.

The Apple Card Savings account has a maximum deposit balance of $250,000, which is the same amount the FDIC insurance covers.

The Apple Card Savings account has no minimum deposits or minimum balance limitations. Your account will start at $0 and you can leave it at that amount if you wish. Additionally, we’ve tested adding one cent to the account, and it works.

You will need an iOS device to open an Apple Card Savings account. You don’t necessarily need an Apple device just to hold the account, though. That said, the account will be very hard to manage if you don’t have an iOS device. You won’t be able to do anything but hold your money in there and continue generating interest. You can call 1-877-255-5923 to access information, request paper statements, ask for a check withdrawal, and a few other things.

The Apple Card Savings account offers a 4.15% APY, and it’s compounded daily, and credited to your account monthly.

The Apple Card Savings Account has no official way to take debit card deposits. It can take Apple Cash transfers, though. And you can deposit money to your Apple Cash account using a debit card.