How to Set Up Apple’s Savings Account in 4 Steps, With Photos

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How to Set Up Apple’s Savings Account in 4 Steps, With Photos

A high-yield savings account is one of the safest and most effective ways to grow your savings. Unlike traditional savings, high-yield savings offer a higher interest rate than usual. This allows your money to grow even faster when left alone. One of the most appealing high-yield savings accounts on the market comes from Apple. Included with your Apple Card enrollment, Apple’s high-yield account is growing more and more popular by the day. There’s just one thing. How do you set up Apple’s Savings account to begin with? Allow us to explain.

Why Use Apple’s Savings Account?

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To enjoy Apple’s Savings account, you need to enroll in the Apple Card.

Before we walk you through the steps of setting up Apple’s Savings account, let’s first explain why you should use this high-yield account in the first place. From the account’s integration with Apple Wallet to the towering APY it offers to the simple setup you need to get started, there are three major reasons why Apple’s high-yield account is worth your time. Let’s break down these three key benefits below.

Integrated With Wallet

Firstly, Apple’s Savings account integrates right into the pre-existing Apple Wallet app. This means you likely already have all the tools you need to use Apple’s high-yield account on your iPhone right now. It’s not just the Savings account in there, either. Apple Card, your Daily Cash, Apple Pay, and Apple Cash are all contained within this one app. The Wallet app is your one-stop shop for managing your finances, giving you easy access to that highly coveted APY and a simple setup process we’ll touch on in the following points.

Generous APY

The Apple Card’s high-yield savings account has an APY of 4.15%. It’s easy to bolster your Savings account with an annual percentage yield this high. According to Apple, that’s more than ten times the nation’s average annual percentage yield. This generous percentage sets Apple’s Savings account above many of the most popular high-yield accounts on the market today. Combine this with the previous point about integration with your Apple Wallet, and your Daily Cash starts racking up interest in no time.

Easy to Set Up

Most importantly, the Apple Savings account is remarkably easy to set up. Everything you need to manage your finances is right inside the Wallet app. All you have to do is follow the simple steps we’ve outlined below. Turns out, adjusting the settings of your high-yield Savings is just as simple. Apple clearly defines all the finer details of your high-yield account in the Wallet app. Thus, you can customize and personalize your finances with more simplicity than any rival high-yield account.

How to Set Up Apple’s Savings Account

Now, let’s explain the step-by-step process to set up Apple’s Savings account. Before we get into it, you will first need to make sure you have an Apple Card. If you’ve already signed up for one, then you can jump ahead to step one. If you haven’t, you’ll need to hit pause here and enroll in the Apple Card. Thankfully, this can also be done from the Wallet app. Follow the prompts to sign up for and activate the Apple Card, then return to this guide to set up Apple’s high-yield account.

Step One: Open Wallet

Apple Card seen in Apple Wallet.
To set up Apple Savings, go to your Apple Card in the Wallet app.

First, open the Apple Wallet app. Then, tap on your Apple Card from your carousel of available cards and payment methods.

Step Two: Tap Daily Cash

Daily Cash tab in Apple Card settings.
Tap Apple Card settings, then hit the Daily Cash tab.

Second, tap the three dots in the top right corner of the screen. From the drop-down menu, select “Daily Cash.” This will take you to your Daily Cash settings.

Step Three: Hit Daily Cash

Setting up Savings in Apple Card settings.
Hit “Set Up” to establish your Apple Savings account.

Next, scroll through your Apple Cash settings until you see the heading that reads “Daily Cash Election.” Here, you’ll see a tab that reads “Savings.” Tap it to begin the setup process.

Step Four: Set Up Savings Account

User agreement before Apple Savings setup.
Hit “Continue” to set up your Apple Savings account.

Lastly, hit continue to begin setting up your Apple Savings account. Follow the on-screen prompts, which will ask you to enter your Social Security number and other important financial info. Once finished, your high-yield account will be ready to use. That’s all there is to it!

To Review

These are the steps required to set up Apple’s Savings account.

  1. Open up your Wallet app and tap your Apple Card.
  2. Select your Apple Card settings and hit Daily Cash.
  3. Scroll down until you see the “Set Up Savings” option.
  4. Follow the on-screen prompts to complete your account setup.

Frequently Asked Questions

What is the APY on Apple's Savings account?

The high-yield Savings account from Apple Card offers an annual percentage yield (APY) of 4.15 percent. As of this publication, this figure is more than ten times the nation’s average APY for a high-yield savings account.

What do you need to set up an Apple Savings account?

There are no fees, no minimum deposits, or minimum balance requirements to open an Apple Savings account. The Savings account is managed and integrated entirely within the Apple Card and your Daily Cash. Apple created the high-yield Savings account with an easy setup in mind.

How do you deposit Daily Cash into your Apple Savings account?

Once you finish setting up your Savings account, all future Daily Cash you earn will automatically deposit into Savings. You can change this setting in your Daily Cash settings. Some prefer to simply deposit it into their checking account, for instance. There are no limits to how much Daily Cash you can earn or deposit.

How much can you deposit into your Apple Savings account?

The most you can deposit into your Apple Savings account is $250,000. As of this writing, you cannot deposit any more than that into the high-yield Savings account. After reaching this limit, all Daily Cash and other deposits must be sent elsewhere.

How do you manage your Apple Savings account?

Users can access their Savings dashboard through the Apple Wallet app. From this page, you can see your account balance, your total interest accrued, and even withdraw funds. The Apple Savings account is not the type of high-yield savings that can’t be touched. You can withdraw and deposit as you please.

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