![]() ![]() This surprised some analysts, who had heard murmurings that Goldman Sachs would stop backing consumer credit cards after facing nearly $1 billion in losses.Īpple gave no official date in their October announcement, simply saying the high-yield savings account would be arriving “in the coming months.” However, the tech giant stated that only Apple Card users can open the new high-yield savings account. In its initial press release, Apple teased the ability for users to deposit their Daily Cash rewards and grow them in a high-yield savings account backed by Goldman Sachs. The company initially announced plans for an Apple Card savings account on October 13th, 2022. ©Primakov/ History of Apple’s High-Yield Savings AccountĪpple’s high-yield savings account dates to last fall. You need an Apple Card to sign up for a high-yield savings account. If you’re going to do this, hit “Transfer.” If you don’t, hit the “Close” button. You’ll be asked whether you want to start earning interest on your Apple Cash balance by transferring the funds to savings. From here, follow the on-screen instructions to finish the setup. Tap “Set Up” next to the “Savings” button. Hit the “More” button in the corner of the screen. You can officially set up a savings account if you check all these boxes. Lastly, you have to enable two-factor authentication for your Apple ID. ![]() Beyond this, you must also be over 18 and have iOS 16.4 or later. You must also have a social security or individual taxpayer identification number. The Wallet app can’t be downloaded on a rival OS.Įven if you have a compatible device and have already enrolled in the Apple Card, you still might not be eligible for a high-yield savings account. Card management and card controls are all kept within the Wallet app - an exclusive Apple operating system. ![]() You must also have an iPhone or compatible Apple device to sign up for the Apple Card. As a prerequisite, you must have an Apple Card account to sign up. Those hoping to sign up for Apple’s high-yield savings account can do so from the Wallet app on their iPhone, iPad, or Mac. Goldman Sachs later raised its figures to match the percentage associated with Apple’s.Īpple’s High-Yield Savings Account: Specs IntroducedĪpple’s High-Yield Savings Account: How To Sign Up Released in partnership with Goldman Sachs, the APY for Apple Card’s high-yield savings account was initially higher than Goldman Sachs’s high-yield savings account APY of 3.9%.A quarter of a million accounts were opened within the first week. Within the first four days, users had deposited nearly $1 billion. The day Apple’s high-yield savings account launched, it saw over $400 million in deposits.Accounts are only FDIC-insured up to $250,000. While there’s no minimum balance associated with Apple’s high-yield savings account, there is a maximum one.Accounts also automatically collect Apple Card’s cash back rewards. Members can fund their accounts with deposits from an external bank account linked to their Apple Card.Apple’s APY offers more than ten times this rate. The average APY (or annual percentage yield) for a savings account in America is 0.39%.5 Must-Know Facts About Apple’s High-Yield Savings Account But how do you enroll in Apple’s high-yield savings account? What are the particulars of this account type? Allow us to explain. Following the introduction of the Apple Card in 2019, Apple launched a high-yield savings account in April 2023. This type brings in much higher returns than traditional savings accounts. A high-yield savings account is a special type of savings account that offers members above-average interest rates for their deposits. ![]()
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