Apple Savings Account - what is it? How to open?

Apple Savings Account - what is it? How to open?

Have you heard about the Apple Savings Account? It's a new feature that Apple is rolling out, allowing Apple Card users to access a Savings Account with an annual percentage yield (APY) of 4.15%. If you're interested in opening one, here's what you need to know.

Firstly, you need to have an active Apple Card to be able to access the Savings Account. If you don't have one, you can apply for it through your wallet app. Once you have the Apple Card, accessing the Savings Account is easy. Simply open the wallet app, tap on your Apple Card, press the button with three dots in the upper right, and select Daily Cash. From there, you can sign up for the Savings Account.

One of the best things about the Apple Savings Account is that there is no minimum deposit or balance required. This means that anyone can open an account and start saving with ease. Additionally, the national average APY in the US is just 0.35%, making the 4.15% offered by Apple particularly attractive.

Once you have the Savings Account set up, you can manage it through the dashboard that appears in the wallet app. From there, you can track your interest and account balance, as well as withdraw funds if needed. If you prefer to use your cash back for spending, you can transfer it back from your Savings Account to your Apple Card.

It's worth noting that this feature is currently being rolled out, so it may not be available to all users just yet. However, you can keep an eye on your wallet app to see if it becomes available. It's also a good idea to read through the news to stay up-to-date on the latest developments.

In summary, the Apple Savings Account is a great way for Apple Card users to start saving with ease. If you have an active Apple Card, simply follow the steps outlined above to open an account and take advantage of the high APY. Happy saving!