Paying and saving money with your iPhone is easier than ever. Apple introduced Apple Pay in 2014, and the Apple Card in 2019, and this year, they’ve added savings accounts to the Wallet app. Find out how to get started with building your Apple Savings account.
Why You’ll Love This Tip
* Automatically deposit your Daily Cash into a savings account.
* Build your savings faster with a high Annual Percentage Yield rate.
* Take advantage of the high APY without any of the balance limits high-yield accounts often have.
How to Set Up Apple Card Savings Account
To set up your Apple savings account, you will first need an Apple Card. Whenever you make purchases with your Apple Card, you’ll get a percentage of that purchase back in the form of Daily Cash. Normally, your Daily Cash would be transferred to Apple Cash, but now you have the option to deposit your Daily Cash into a savings account. For more Apple Pay tips and tricks, be sure to sign up for our free Tip of the Day newsletter. Now, here’s how to set up your Apple Card savings account:
* Open the Wallet app.
* If you don’t see a message encouraging you to open a savings account, tap the three-dot icon.
* Tap Daily Cash.
* Tap Savings.
* Tap Continue.
* You will need to enter your social security number, and then tap Next.
* Tap Agree to agree to the terms and conditions.
* Check whether or not you have been notified that you’re subject to backup withholding by the IRS, and then tap Confirm & Open Account.
Your Daily Cash will automatically be deposited into an Apple high-yield savings account. You can also deposit money from your linked bank account into your Apple Savings account to take advantage of the high APY. Additionally, you have the option to withdraw your funds from your savings account at any time with no fees.
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