How to set up Apple’s new savings account on an iPhone

Technology

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Kif Leswing/CNBC

Apple now offers a savings account administered through its iPhone app that allows users to accrue over 4% interest.

Setting up the savings account is straightforward, although users are required to have an active Apple Card. Accounts are administered by Goldman Sachs.

Once the account is opened, cash-back rewards from Apple credit card purchases called Apple Cash can automatically be deposited into the interest-bearing savings account. Users can also transfer money from their savings account to their Apple Cash account in case they want to spend it or send it to a friend.

Users can put additional money into the savings account and gain the current 4.15% annual yield, compounding daily. The yield will shift over time as interest rates change.

The Apple Savings account can hold up to $250,000 in deposits, which are insured by the FDIC. The feature is now available inside Apple’s Wallet app for all Apple Card holders in the U.S.

Here’s what you need to know:

How to sign up

Apple savings account
Apple
  • Have an active Apple Card on your iPhone.
  • Open the Wallet app and tap on your Apple Card.
  • Press the button with three dots on the upper right corner, and select Daily Cash. Or there may be a promotional button to sign up for the savings account on the front page.
  • Follow the instructions. It will ask for your Social Security number and for you to sign several agreements.
  • By default, Apple will begin putting your Apple Card cash back into your savings account, although it’s possible to transfer it back if you want to spend it or send it to a friend.

How to add money

Screenshot/CNBC
Screenshot/CNBC
  • You can add money from a linked bank account to your savings account.
  • If you have an Apple Card, you likely already have a bank account attached to make payments.
  • Open the Wallet App. On the first page, there should be a button with your savings balance.
  • Inside the savings page, tap the Add Money button to add money from your connected bank account.
  • You can also withdraw from your savings account to your linked bank account or your Daily Cash account.
  • There’s no limit on how many transactions a user can make to take money out or put funds into the savings account.

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