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How To Set Up an Apple Savings Account?

Table of Contents hide 1 What Is The Apple Savings Account? 2 Who Issue The Apple Card And What Is It? 3...

Written by Niel Patel · 5 min read >
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Hey there Apple users, if you love to save some bucks out of your transactional pocket, now you have your own savings account. In this article, we will be exploring how you can set up your Apple savings account and start saving some money right away. So, let’s get you started and know all about this special account. Apple saving account interest rate is 4.15% APY

Apple Card’s new high-yield Savings account is now available, offering a 4.15 percent APY

  • Parent organization: Apple Financial Holdings, Inc.
  • CEO: Steven Bush (1 Apr 2016–)
  • Total assets: 1,430.7 crores USD (2018)
  • Founded: 1863
  • Revenue: 34.07 crores USD (2018)
  • Headquarters: New York, New York
  • President: Steven Bush

What Is The Apple Savings Account?

The Apple Savings account is like a special savings option for people who have an Apple Card and of course the iPhone. You can open this account using the Wallet app on your iPhone. They say it’s a “high-yield” savings account, which means you can earn more from the rewards you get with your Apple credit card by putting your Daily Cash into it. But remember, only folks with an Apple Card can use this account, which brings us to what is an Apple card. If you don’t know much about it let’s explore:- 

  • Annual Percentage Yield (APY)4.15% APY
  • Minimum balance: None
  • Monthly fee : None
  • Maximum transactions : No max number of transactions; max transfer amounts may apply
  • Excessive transactions fee : No
  • Overdraft fees : No
  • Offer checking account? : No
  • Offer ATM card?No

Who Issue The Apple Card And What Is It? 

The Apple Card is a credit card issued by Apple in partnership with Goldman Sachs. It’s designed to be used primarily through Apple’s digital wallet system, Apple Pay, and offers several features and benefits. So, we can say that the main motive of the Apple card is to help customers lead a good financial life, which eventually starts with making smarter choices with their money. 

While there are many reasons for using this card, simple earning, instant rewards, zero fees, and advanced privacy have driven most of the customers to it. On top of it, you can earn attractive rewards of like 3% cash back on Apple purchases, at select merchants, and 2% back on everything else. 

Apple cards and Dash cash have been part of Apple users’ lives for so long, but it’s just recently that they were introduced to the Apple savings account. To rank up their money, users can add daily cash to their Apple account from a linked bank account and make the most out of their earnings. 

The best part of this savings account is that users can set up an automatic depositing process that will throw their daily earned cash into their account directly. But, just to mention, they can always deposit additional funds using their linked bank account. 

The Requirements For Setting Up An Apple Savings Account

Here are some requirements, that must fulfill to open your savings account:- 

Ownership or Co-Ownership: You should be the owner or co-owner of an active Apple Card account, and you need to add the Apple Card to your iPhone.

iOS Version: Make sure your iPhone is updated to at least iOS 16.4 or a later version.

Age Requirement: You must be at least 18 years old to apply for an Apple Card.

Social Security Number or ITIN: You should have a valid Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN).

U.S. Residency: You need to be a U.S. resident with a valid, physical U.S. address. Apple Card is currently only available to U.S. residents.

Two-Factor Authentication: Set up two-factor authentication for your Apple ID. This is an added layer of security to protect your account and financial information.

Also, Can You Open An Account If Your Apple Card Is Restricted or Locked? 

It’s important to be aware that if your Apple Card account faces restrictions or is locked, you may encounter difficulties when attempting to open a Savings account. 

Along with this, if your Apple Cash or Savings account is subject to restrictions or locks, transferring funds to or from your Savings may not be feasible. In these situations, getting access to your funds will require you to get in touch with a Savings Support Specialist.

How To Set Up an Apple Saving Account? 

Before setting up the account, note it is not a standalone feature within the wallet app. Rather, it is available in the Apple Card experience in the Wallet app.

All Apple Card users can conveniently set up and handle their Savings account directly from their Apple Card in Wallet. For the rest, here are the steps to follow to set up an Apple savings account.

  • Open the Wallet app, and tap on your Apple Card.
  • Tap the “More” button, and then select “Daily Cash.”
  • Tap “Set Up” next to “Savings,” and follow the on-screen instructions.

After setting up the Apple Savings Account, here are some things to note:- 

As you go through the setup process for your Savings account, you’ll be prompted to decide whether you’d like to move money from your Apple Cash balance to your new account, allowing it to earn interest. 

In that case, do one of these two following things:-

  • If you prefer not to transfer your Apple Cash balance, simply tap the “Close” button. 
  • On the other hand, if you wish to transfer funds, select “Transfer Your Apple Cash” and follow the step-by-step instructions.

Also, in case you have available Daily Cash that you’d like to use as an Apple Card statement credit, it will be seamlessly moved to your newly created Savings account as part of the setup procedure.

How To Deposit The Money Into Your Apple Savings Account? 

Follow these steps to deposit money into your Apple savings account:- 

  • On your iPhone, launch the Wallet app and find your Apple Card.
  • In the Wallet app, tap on the “Savings account,” and then select “Add Money.”
  • Input the amount you want to add, and then tap “Add.”
  • You can choose to use the pre-selected external bank account, change it to another one, or add a new account. If you haven’t added a bank account yet, you can follow the instructions in the “View and update your Savings account information in Apple Wallet” section.
  • To confirm the transaction, simply double-click the side button and use Face ID, Touch ID, or your passcode.

If you are not thinking about depositing the money to your savings account just yet, you need to know that any money you deposit into your Savings account will start earning interest from the day you initiate the transfer using the Wallet app. Sounds interesting enough?

On top of it, if you transfer money from your Apple Cash, the funds will typically be available instantly. However, if you’re transferring money from a linked external bank account, it may take a few days for the funds to become available for withdrawal.

How To Check Your Earnings? 

Contemplating your earrings in your savings account is a breeze, as it comes with a brief and easy-to-navigate dashboard.

View Current Balance:- 

  • Open the Wallet app on your iPhone and tap on your Apple Card.
  • In the Apple Card section, find and tap on “Savings account” to know your current balance. 

Note:- Please note that this balance might include pending transactions or deposits, so the entire amount may not be immediately available for withdrawal.

View Available Balance:-

To see the amount that you can withdraw immediately, follow these steps:- 

  • Go to the “Savings account” option and tap the “More” button (usually represented by three dots).
  • Select “Account Details” to check your all Available Balance.

In this section, you can also view any interest you’ve earned in the current year and your current Annual Percentage Yield (APY). The interest you earn is compounded daily and added to your Savings account every month. This helps your savings grow over time.


For Apple users, there’s a special savings account linked to the Apple Card. It’s like a piggy bank for your rewards. To set it up, you need an iPhone, the latest iOS, and a few qualifications like being at least 18, having a valid ID, and living in the U.S.

Once you’ve got it, you can automatically stash your Daily Cash and add extra money to your savings. Interest is added monthly, making your savings grow. You can check your balances easily in the Wallet app. In a nutshell, it’s a handy way to save while using your Apple Card.

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