Apple has always been up in its game when it comes to giving a comfortable experience to its iOS users. And this time Apple has released a new feature regarding Apple Saving Account. Some of you might be confused and must have a lot of questions about it. But worry not, here I am to answer all of your concerned questions about the Apple Savings Account. Let’s get started!
What is Apple Savings Account?
The Apple Savings Account is a savings account designed especially for Apple Card users, which was launched in April 2023. It offers an annual percentage yield (APY) of 4.15% and has no fees associated with it. The account is managed by Goldman Sachs and is covered by the Federal Deposit Insurance Corporation (FDIC). One of the benefits of the account is the ability to automatically move “Daily Cash rewards” into the savings account, which can help users save more. The account can be accessed through the Wallet app, where users can see their balance, interest rate, and recent transactions, and can manually add or withdraw money.
Is there a minimum deposit required to open an Apple Savings account?
There is no minimum deposit required to open an Apple Savings account. The account has no monthly fees, no minimum balance requirements, and no minimum deposit required to earn the APY. Users can make deposits into their Apple Savings account by having Daily Cash earned with their Apple Card will be automatically deposited into theyour ir new Savings account rather than their Apple Cash card. However, there is a maximum balance limit of $250,000.
How to open an Apple Savings Account?
- To open an Apple Savings account, users need to open the Wallet app on their iPhones.
- Tap on the Apple Card.
- Then, you need to tap on the circle with three dots at the top of the screen and tap on “Daily Cash”.
- Look for the “Apple Card Savings Account” option by scrolling down.
You can also make deposits into your Apple Savings account by having Daily Cash earned with your Apple Card automatically deposited into your new Savings account rather than their Apple Cash card. There is no fee or minimum deposit required to sign up. Users can withdraw funds at any time to a linked bank account or to their Apple Cash card without fees.
What is the Apple savings account withdrawal limit?
The Apple savings account has a maximum balance limit of $250,000. However, there is no information about a specific withdrawal limit. It is mentioned that there is no fee or minimum deposit required to sign up, and users can withdraw money manually from the Wallet app. For Apple Cash transfers, there is a limit of $20,000 that can be made in transfers per 7-day period.
Until next time, with another topic. Till then, Toodles.