Your Guide To the Apple Card High Yield Savings Account

The lifecycle of being a functioning consumer is to spend, send and save daily. Most of these operations are done right from your phone from either your wallet app or bank app. Now, Apple has launched a high-yield savings account where Apple Credit Card holders can open this account right from the Wallet app. The hope is help Apple Card users lead healthier financial lives.

Apple High Yield Savings Quick Take

Apple Card’s new high-yield Savings account just became available and it is offering a APY. This Apple Card savings account is FDIC-insured. Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet, said in a press release, “Savings helps our users get even more value out of their favorite Apple Card benefit — Daily Cash — while providing them with an easy way to save money every day.” This latest payments push is in partnership with Goldman Sachs.

Apple Daily Cash Rewards

Being an Apple Card user just added some bank account balance benefits. Not only does this savings account offer a high-yield APY of but also you can grow your Daily Cash with the same account. You can manage the account directly from Apple Card in Wallet easily and there are other perks such as:

  • No fees
  • No minimum deposits
  • No minimum balance requirements

Apple Wallet App Dashboard 

The Wallet app is already known for its user-friendly interface and convenience. The Savings dashboard section in your Wallet app is no different and has many features. Here are some key takeaways of what you can do in the Savings dashboard:

  • Transfer funds to a linked bank account
  • Add funds to your Apple Cash card
  • Track your account balance
  • See what interest you have earned over time
  • Daily Cash on every purchase with your Apple Card
  • Financial tools to assist you in paying less interest
  • Highly private and secure
  • Same built-in financial health benefits of the Apple Card
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How To Get an Apple High Yield Savings Account

To get these great savings rates and Apple Cash perks you need to have an Apple Card. If you already have one, just go to the Apple Card in your Apple Wallet and select the option to set up Savings. Here is what you will need to provide when setting up your account:

  • Apple Card account information
  • Social security number
  • Individual taxpayer identification number, if applicable

Final Take To GO: Is Apple Savings Worth It?

The Apple Card in your Wallet app is virtually expanding to a one-stop shopping and saving experience. You have to be an Apple Card user to reap the benefits of the account. Though, it may be worth exploring becoming a cardholder, as the APY on this high-yield savings account is 10 times the national average.

This tech company is nothing if not ever-expanding, forward moving and thinking differently. This move with payments is hopefully beneficial to their customer base and already built-in Apple Card users. In the press release, Bailey went on to say, “Our goal is to build tools that help users lead healthier financial lives, and building Savings into Apple Card in Wallet enables them to spend, send, and save Daily Cash directly and seamlessly — all from one place.”

Apple Card High-Yield Savings FAQ

Here are answers to frequently asked questions about the Apple Card high-yield savings account.
  • How do I get Apple high-yield savings?
    • To get the Apple high-yield savings account, you first need to be an Apple Card user. First, you need to apply for the Apple Card. Once your application is accepted, or if you are already an Apple Card user, you can then go to Apple Card in your Apple Wallet and select the Savings option. You will then need to submit some personal information for the account such as your social security number or taxpayer identification number.
  • Did Apple launch a high-yield savings account with Goldman Sachs?
    • Yes, Apple launched a high-yield savings account with Goldman Sachs on Apr. 17, 2023. It has a 4.15% APY and is FDIC-insured. Apple Card credit card holders can open an account right from the Wallet app on their iPhones.
  • Is Apple savings worth it?
    • Depending on what you're looking for, the Apple Card high-yield savings account can be worth it as it offers an APY of 4.15%, which is 10 times the national average. The account also boasts no fees, no minimum balance requirements and no minimum deposits needed. However, in order to open the savings account you must be an Apple Card user.
  • How does Apple savings work?
    • The Apple savings account is a high-yield savings account designed for Apple Card users. You must be an Apple Card holder in order to open this account which has no fees, no minimum balance requirements and no minimum deposits needed. If you are an Apple Card user, you can go to Apple Card in Wallet and set up your account. Once set up, you can transfer funds through the Savings dashboard to a linked bank account or to your Apple Cash card.
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About the Author

Caitlyn Moorhead has written content for a variety of businesses and publications. After graduating from Central Michigan University cum laude, she moved to New York City where she wrote columns, articles and plays for several years before relocating to Austin, Texas in the fall of 2020.
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