Apple has recently introduced a groundbreaking feature, Apple Savings, specifically designed to enhance the experience of Apple Card users by enabling them to earn interest on their cashback rewards. This high-yield internet savings account streamlines personal finance management and promotes savings growth directly within the Wallet app.
If you want to sign up for the service, I will provide all the information about the requirements, setup process, and unique benefits of utilizing the Apple Savings account, empowering you to unlock the full potential of your Apple Card.
Requirements for Setting Up Apple Savings
Before setting up an Apple Savings account, make sure you meet the following requirements:
- Your iPhone must be running iOS 16.4 or later.
- You must be an Apple Card member.
- Your Apple ID must have two-factor authentication set up.
How to Sign Upfor Apple Savings Account
The Apple Savings feature will be rolled out gradually, and not all users will receive access at the same time. If you meet the requirements, follow these steps to set up your Apple Savings account:
Step 1: Open the Wallet app
Launch the Wallet app on your iPhone or iOS device.
Step 2: Access your Apple Card
Tap on the “Apple Card” option within the Wallet app.
Step 3: Open the More Options menu
Tap the “More” button, represented by a circle with three dots inside.
Step 4: Navigate to Daily Cash
Select the “Daily Cash” option from the More menu.
Step 5: Initiate Apple Savings account setup
If you see an invitation to sign up for Apple Savings, tap on it to proceed.
Step 6: Complete the onscreen instructions
Follow the prompts to finish setting up your Apple Savings account, entering your credentials, and agreeing to the terms and conditions.
If you don’t see the invitation, try checking back later, as the feature is being rolled out to eligible users over time.
Apple Savings and Apple Cash Integration: Things You Need to Know
The Apple Savings account is designed to work seamlessly with Apple Cash, allowing you to automatically transfer cashback rewards from your Apple Card into a high-yield savings account. With the Apple Card, you can earn 1% to 3% cashback on your purchases, with the highest rate reserved for Apple products and services.
After successfully setting up your Apple Savings account, your cashback rewards will be automatically sent to this high-yield savings account, helping you grow your savings effortlessly.
How to Manage Your Apple Savings Account
Within the Wallet app, you can access your Apple Savings account to view your current balance, interest rate, and transaction history. You can also manually add or withdraw money and transfer your balance to Apple Cash or a regular bank account.
The Apple Savings account can hold up to $250,000 in deposits, insured by the FDIC. By default, Apple will deposit your Apple Card cashback rewards into your savings account, but you can change this setting if you prefer.
The Apple Savings feature is an excellent addition to the Wallet app for Apple Card users, providing a convenient way to grow your savings with minimal effort. By following the steps mentioned in this guide, you will be on your way to maximizing your savings and making the most of your Apple Card cashback rewards.