![]() ![]() 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
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