Apple is continuously trying its best to give users every possible feature to make their experience of using the iPhone more graceful. And this time Apple is at it again with yet another feature for Apple card savings. The company has recently launched a highly anticipated feature about Apple Card Savings with an introductory APY of 4.15%. Since then, many questions have been raised about this feature. One of the most asked questions waswhat is the Apple savings account transfer limit? In this article, I will be answering all the questions regarding Apple card savings accounts. Let’s get started!
What is an Apple savings account?
“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. 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’s new savings account, provided by Goldman Sachs, offers a high 4.15 percent APY to Apple Card users. The account has no monthly fees and no minimum balance requirement, but it has limits on transfers, cash deposits, and owners.Whenever you choose, you may easily deposit or withdraw money using your Apple Card or a bank account that is linked to it.
The account is only available to Apple Card users and is accessible through the Apple Wallet. It also has a feature called Daily Cash, which earns cardholders back a percentage of purchases made with the Apple Card.
What is the Apple savings account transfer limit?
The maximum balance allowed for this account is $250,000, and there is no upper restriction on the amount you may earn with Daily Cash.
You should be aware that only transfers between $1 and $10,000 are permitted under the terms of the Goldman Sachs account, and that a 7-day rolling maximum of $20,000 may be sent. Additionally, you need to have an Apple Card that is in “good standing”—that is, you haven’t missed a payment—and be at least 18 years old.
The average annual percentage yield (APY) on traditional deposit accounts, as published by the FDIC on March 20 was 0.37%. Apple’s 4.15% APY offering, as of April 14, is significantly higher and more in line with the 4.00% rate on several banks’ certificates of deposit (CDs).
How do I open an Apple savings account?
- Have an active Apple Card added to your Wallet app
- Be 18 years or older
- Be a US resident, living at a valid, physical US address.
- Have a social security number or individual taxpayer identification number
- Enable two-factor authentication for your Apple ID and update your iPhone to iOS 16.4 or later.
Your iPhone’s Wallet app already has integration for the Apple Card Savings Account. If you don’t have an Apple Card, you can’t open the savings account because it is only open to holders of Apple Cards. Follow the steps to open an apple saving account.
- On your iPhone, tap Wallet to open it.
- On your Apple Card, tap.
- In the top right corner, click the “…” three dots.
- Select “Daily Cash” from the menu by tapping it.
- Look for the “Apple Card Savings Account” option by scrolling down.
Until next time, with another topic. Till then, Toodles.